SEC Charges Two New York Men Of Defrauding Investors Over Seven Years

By Francine McKennaMarketWatch Pulse

The Securities and Exchange Commission announced charges Thursday against James P. Griffin and James Wolle for violating antifraud and registration provisions of the securities laws related to the sale of fake "charitable gift annuities". The SEC said the defendants duped investors out of at least $8 million with an idea for a soccer version of the popular "Chicken Soup for the Soul" books and a false relationship with insurer Lloyds of London. The U.S. Attorney's Office for the Northern District of New York arrested Griffin on July 24 for criminal charges. Griffin's wife is also liable for return of investors' funds, the SEC said.

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