SEC v. The Estate of Stephen Romney Swensen

The Estate of Stephen Romney Swensen: According to the complaint, Stephen Swensen allegedly promised investors they would earn at least 5% in annual returns from various investments. According to the complaint, however, Mr. Swensen misappropriated investor funds to make Ponzi-like payments to other investors and to pay for his, and his family’s, personal expenses.

Summary generated from official Securities and Exchange Commission press release