SEC Fraud Case Cites Spokane Man’s JOBS Act Pitch to Investors
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A Spokane, Washington man sued for defrauding investors used the 2012 Jumpstart Our Businesses Act to tout his plan to raise billions of dollars in capital, according to the U.S. Securities and Exchange Commission.
Daniel F. Peterson and his firm USA Real Estate Fund 1 Inc. raised about $400,000 from more than 20 investors, some of which he spent on personal expenses, the SEC said today in a complaint filed at federal court in Spokane. Peterson denied the SEC’s allegations.