Feds Seek Receiver For Alleged Investment Ponzi Scheme

Federal officials want a receiver to take charge of the Folsom investment firm accused of running a massive Ponzi scheme. The Securities and Exchange Commission said a receiver would be able to hunt down assets and comb through the business records of Equity Investment Management and Trading Inc. The SEC already obtained a court order freezing Equity Investment's assets but so far has only been able to find $1.2 million in a bank account once controlled by the Folsom firm.


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