BUSINESS
01/30/2009 05:12 am ET | Updated May 25, 2011

SEC Halts Alleged $23 Million Ponzi Scheme

U.S. securities regulators obtained an emergency court order to stop an alleged Ponzi scheme that collected more than $23 million from thousands of investors in Florida's Haitian-American community, the Securities and Exchange Commission said on Tuesday.

The SEC alleged that Creative Capital and its principal, George Theodule, launched a scheme as early as November 2007 urging investors to form investment clubs to funnel funds to Theodule and Creative Capital.

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