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U.S. Securities and Exchange Commission

Millennium Financial, Ltd. and Newpont Fiduciaries & Nominees, S.A.

On June 18, 2002, the SEC obtained a preliminary injunction and a continuation of an asset freeze against Millennium Financial, Ltd in connection with an international boiler room operation. The SEC also sued Newpont Fiduciaries and Nominees, S.A. as a relief defendant, because it held investor funds for Millennium. The SEC alleged that Millennium defrauded at least 150 investors worldwide of more than $2 million by making misrepresentations with respect to the offer and sale of so-called pre-initial public offering (or "pre-IPO") stocks. For more information about the SEC's action, you can read Litigation Release Nos. 17528 (May 22, 2002) and 17576 (June 20, 2002).

The Court appointed Thomas W. McNamara as Receiver. You can find the latest information on the Receiver's website.

Caution: On his website, the Receiver has warned Millennium shareholders that telemarketers are contacting them to purchase their “worthless” shares for a fee. You can learn about these scams, known as “Advance Fee Fraud” schemes, by reading the SEC’s publication, Worthless Stock: How to Avoid Doubling Your Losses.


Modified: 03/08/2005