Sunday, May 19, 2013
SEC Charges Atlanta Resident with Fraud in Prime Bank Investment Scheme
The Commission's complaint alleges that, since at least August 2012, Fowler and US Capital have raised at least $350,000 from investors by falsely promising high profits for investing in standby letters of credit or bank guarantees that would purportedly grant the investors loans, the proceeds of which would be invested for a significant profit. Fowler and US Capital instead misappropriated investor funds for personal and business uses. Fowler was actively soliciting additional investors for his scheme, the complaint alleged.
According to the complaint, Fowler targeted foreign-born small business owners with little or no experience in finance or investing.