Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Thursday, February 5, 2009

SEC Brings Prime Bank Offering Fraud Charges in Colorado

The SEC charged Brian V. Prendergast of Castle Rock, Colorado, and his entity Enterprises, LLC, a Colorado limited liability company, with conducting a fraudulent prime bank offering scheme in coordination with Donald R. Smith of Aurora, Colorado, Yuail I. Enwia of Ceres, California, and Worldwide Equity Corporation ("WEC"), a Nevada corporation. The Commission alleges that Prendergast, who has previously been convicted of criminal securities fraud in Colorado and is currently on court-supervised release, purported to raise $2.5 million from investors, several of whom are senior citizens. On February 4, 2009 the Court entered an order granting a temporary restraining order against the defendants, requiring accountings, and freezing the defendants' assets derived from investor funds obtained in the fraudulent scheme.

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