SEC v. Historic Asset Placement Services Global, LLC

Historic Asset Placement Services Global, LLC and Billy Abshier allegedly engaged in a fraudulent scheme involving the offer and resale of historical bonds issued by the German Weimar Republic and pre-revolutionary China and Russia. The SEC's complaint alleges that between January 2017 and August 2023, the scheme raised more than $3.85 million from at least 85 investors. HAPS and the Abshiers allegedly falsely claimed that HAPS had a process for redeeming historical bonds. Frederic (Fred) A. Gladle, Ronald Josh Pendley, and Kevin E. Scannell allegedly made misleading statements regarding the value of the historical bonds. Pendley, Scannell, Sovereign Debt Solutions, and Ocean Park Partners allegedly engaged in the fraudulent and unregistered offering of promissory notes and limited partnership interests. Christopher W. Abshier and HAPS allegedly impeded HAPS’ clients from reporting their misconduct to the SEC. Fred Gladle and Pendley allegedly acted as unregistered dealers.

Summary generated from official Securities and Exchange Commission press release