AOB Commerce, Inc., et al.
On July 16, 2007, the SEC obtained a temporary restraining order, asset freezes and other relief against Terchi Liao (also known as Nelson Liao), and two entities he controlled, AOB Commerce, Inc. and AOB Asia Fund I, LLC, in connection with an alleged Ponzi-like scheme. According to the complaint, the defendants fraudulently raised more than $45 million from hundreds of investors nationwide through an unregistered offering and sale of promissory notes that purportedly paid guaranteed interest of up to 5.5% per month. The SEC alleged that the defendants actually used the principal from new investors to pay the returns and commissions due old investors and sales agents.
The SEC also named four other entities controlled by Liao – AOB Management, Inc., AOB Transportation, Inc., AOB Vacations, Inc. and AOB Media, Inc. – as relief defendants based on their receipt of investor funds.
For more information about the SEC’s action, you can read Litigation Release No. 20196 (July 16, 2007).
The Court also appointed Robb Evans & Associates, LLP as Receiver. For the latest information about the Receivership, you can visit the Robb Evans website.