LITIGATION LAUNCH NO. 17422 / March 19, 2002
Securities and Exchange Commission v. ACE Payday Plus, LLC d/b/a ACE Payday Plus II, LLC, ACE Management, LLC, ACE Payday Management, Inc., and James Bianco, Case No. 1-02-20858-Civ. -Ungaro-Benages (S.D. Fla. March 19, 2002)
Today, the Commission filed a crisis enforcement action in america District Court when it comes to Southern District of Florida against ACE Payday Plus, LLC, d/b/a ACE Payday Plus II, LLC (“Ace Payday”), a start-up company purportedly providing “check cashing” and “payday advance” services; ACE Management, LLC and ACE Payday Management, Inc., two entities individually defined as Ace Payday’s Manager; and James Bianco (“Bianco”), who managed Ace Payday as well as its affiliates. The Commission alleges that defendants raised at the very least $800,000 from at the least 30 investors by fraudulently providing and membership that is selling in Ace Payday through telemarketers called “independent product product sales workplaces” or “ISOs. ” The Complaint alleges that defendants told investors that 90% associated with the providing profits could be utilized to develop Ace Payday’s company when, in fact, 40% to 45per cent went along to the ISOs as product product cashland sales commissions.