BIJ Financial Services
On December 4, 2001, the SEC obtained temporary restraining orders and asset freezes against BIJ Financial Services d/b/a Molla Investments, New Era Enterprises Company, and Brian K. Miles. The SEC alleged that between at least November 2000 and July 2001, the defendants offered and sold investments in what they represented as a "venture capital program." The complaint further alleged that the defendants told investors they would receive returns of 20% per month or, in later agreements, 40% per quarter. Miles allegedly represented that his trading in S&P 500 futures would generate the payments and promised to return investors' principal minus returns already paid at any time, supposedly making the investment risk free. For more information about the SEC's action, you can read Litigation Release Nos. 17252 (Dec. 3, 2001), 17257 (Dec. 5, 2001), and 18153 (May 21, 2003).
On May 16, 2003, the Court entered a Final Judgment against the defendants, including ordering Miles to disgorge $44,800 plus prejudgment interest of $5,664. The funds are to be held by the Court until distributed by a Court-appointed SEC staff member in accordance with the Plan of Distribution of Disgorged Profits.
To obtain a copy of the distribution plan and the verified claim form, please contact:
Thomas D. Carter