U.S. Securities & Exchange Commission
SEC Seal
Home | Previous Page
U.S. Securities and Exchange Commission

Cash 4 Titles, Charles Richard Homa and Michael Gause

On October 15, 1999, the SEC obtained temporary restraining orders and asset freezes against numerous defendants, including Charles R. Homa and Michael Gause. The SEC alleged that the defendants fraudulently raised approximately $315 million from about 2,500 investors in a multi-layered marketing scheme that sold notes and bonds as part of a massive Ponzi scheme. Investor funds were supposed to be loaned to Cash 4 Titles, a company operated by Homa, but in fact only a small amount was used for that purpose. The Court entered permanent injunctions against Homa and Gause, and ordered them to pay disgorgement and civil penalties. In related criminal actions, Homa and Gause received prison sentences and were ordered to pay restitution. For more information about this matter, you can review the litigation releases the SEC has posted.

The Court appointed Phillip S. Stenger as Receiver over the U.S. assets. In addition, Mr. Stenger has been designated as Official Joint Co-Liquidator by the Grand Court of the Cayman Islands over various Cayman companies into which investor funds were deposited.

For complete information on the Receivership, please visit the Receiver's website.



Modified: 12/05/2006