U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

Cross Financial Services, Inc.

On September 7, 1995, the SEC obtained permanent injunctions against several individuals in connection with the unregistered and fraudulent sale of securities in Cross Financial Services, Inc. The SEC alleged that the defendants illegally raised more than $21 million from more than 430 investors, purportedly to be used for accounts receivable factoring. The defendants never factored any accounts receivable and instead misappropriated investor funds. For more information, you can read one of the several litigation releases the SEC has issued in this matter-Litigation Release No. 14649 (Sept. 21, 1995).

The Court appointed Willie R. Barnes as Receiver after the original Receiver died. The Receiver has completed making distributions to investors, returning approximately $4.6 million. If you have a question, you can contact the Receiver at:

Willie R. Barnes, Esq.
P. O. Box 811128
Los Angeles, CA 90081


Modified: 12/05/2006