Thursday, December 27, 2007
SEC Files Fraud Charges Involving Website Offering
The SEC filed a civil action in U.S. District Court for the Southern District of Texas, charging Navigators International Management Co., Ltd. ("Navigators"), James R. Spurger and Benjamin W. Young, Jr. with securities fraud, conducting unregistered securities offerings and acting as unregistered broker-dealers. Among the allegations -- in an ongoing offering, Navigators sells unregistered "ZCASH" electronic tokens on its website. Navigators promises exorbitant returns and rebates to be generated in an unspecified manner and timeframe when customers use ZCASH to purchase items on the Navigators' website.