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U.S. Securities and Exchange Commission

Litigation Release No. 21916 / April 5, 2011

SEC v. Jason K. Fifield, Civil Action No. CV10-7709 RGK (OPx)(C.D. Ca.)

Jason K. Fifield Enjoined in Connection with a $5.88 million Ponzi Scheme

On March 26, 2011, the United States District Court for the Central District of California enjoined Jason K. Fifield, a resident of Temecula, California, from violations of the antifraud provisions of the federal securities laws. The Final Judgment enjoined Fifield from future violations of Section 17(a) of the Securities Act of 1933 and Sections 10(b) and 15(a) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

The Securities and Exchange Commission's Complaint, filed on October 14, 2010, alleged that Fifield, using JJF Management Company, Inc., raised approximately $5.88 million through the sale of unsecured promissory notes issued to more than 70 investors. The Complaint alleged Fifield promised to pay JJF Management's investors interest at a rate of 7.5% per month, or 90% per year. The Complaint also alleged that Fifield, through offering memoranda, made misrepresentations to investors about how investor funds would be used, and that Fifield misused investor funds by recklessly placing investor funds in "investments" inconsistent with the representations in the offering documents, by making Ponzi-like payments, and by making unauthorized, and exorbitant, payments to himself and to benefit himself and his relatives.

Fifield consented to the entry of the Final Judgment against him without admitting or denying the allegations of the Commission's Complaint. [SEC v. Jason K. Fifield, Civil Action No. CV10-7709 RGK (OPx) (C.D. Ca.)] (LR-21916)

 

http://www.sec.gov/litigation/litreleases/2011/lr21916.htm


Modified: 04/05/2011