SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16323 / September 30, 1999
SECURITIES AND EXCHANGE COMMISSION v. TESSA FINANCIAL GROUP, INC. and RICHARD HAMILTON, Civil Action No. CV 99-10015 WJR (CWx) (C.D. Cal.).
The Securities and Exchange Commission filed today a Complaint in federal district court in Los Angeles against Tessa Financial Group, Inc. (Tessa), of Harbor City, California, and Richard Hamilton (Hamilton), of Anaheim, California. The Complaint alleges that the Defendants fraudulently raised over $1.9 million from investors nationwide in an investment program called Capital Management Agreement (CMA).
The Complaint alleges that Defendants lied to investors about certain material facts connected with CMA:
The Complaint alleges that Defendants violated Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. The Complaint seeks permanent injunctive relief, disgorgement plus prejudgment interest, and civil penalties.