Thursday, October 7, 2010
The SEC charged Barbra Alexander, a talk radio show host, and two other executives of APS Funding, a Monterey, Calif.-based firm, with misappropriating $2.5 million of approximately $7 million they raised through the fraudulent sale of interests in two real estate investment funds. According to the SEC's complaint, Alexander used her status as host of an internationally-syndicated radio show for entrepreneurs called MoneyDots to lure investors who thought their money would be used to fund short-term loans secured by real estate. Alexander along with the firm's secretary/chief financial officer Beth Piña, and vice president Michael E. Swanson, instead stole investor money to pay themselves $1.2 million and finance MoneyDots and other unrelated businesses.
In a related criminal proceeding announced today, the U.S. Attorney's Office for the Northern District of California filed criminal actions against Alexander, Piña, and Swanson based on the same alleged misconduct.