Bahamas-based offshore credit card accounts were allegedly used by three promoters of an alleged unregistered US securities offering to access their commissions and pay investors profits, a lawsuit filed by the Securities and Exchange Commission (SEC) in the Northern District of Georgia has revealed.
The lawsuit, which accuses James George, Paul Brodhagen and Michael Wright of acting as sales agents in a $15 million securities fraud involving TriStar Investment Group, alleges that investors in the scheme were paid when they instructed TriStar to transfer funds to MasterCard credit card accounts set up in The Bahamas.
Source: Neil Hartnell, The Tribune
