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

MAK 1 Group Enterprises, LLC

On August 18, 2009, the SEC obtained a temporary restraining order and asset freeze against MAK 1 Group Enterprises, LLC and Mohit Khanna, a FINRA-barred registered representative. According to the complaint, Khanna raised as much as $70 million from 300 individuals purportedly to invest in various investment programs, including foreign currency products, commercial paper and other guaranteed investments. The SEC also alleges that Khanna falsely promised investors guaranteed annual returns ranging from 17% to 55% and that their investments were insured, concealed his FINRA bar and misappropriated investor funds for personnel use.

The Court also appointed Charles La Bella as temporary Receiver over MAK 1. On September 3, 2009, the Court issued a preliminary injunction against MAK 1 and Khanna, and made Mr. La Bella permanent Receiver.

For more information about the SECís action, you can read Litigation Release No. 21181 (Aug. 20, 2009)

For more information about the Receivership, you can visit the Receiverís website.


Modified: 09/22/2009