Crescent investment business the focus of lawsuit
Thursday, March 3rd 2005, 6:21 am
News On 6
ENID, Okla. (AP) A group of investors has filed a class-action lawsuit in Kingfisher County against a Crescent investment business that's under investigation by the Oklahoma Department of Securities.
The lawsuit alleges Marsha and Richard Schubert operated a Ponzi scheme that may have taken as much as $10-million of investors' money.
State securities officials are investigating the Schuberts for selling unregistered securities in violation of state law, failing to register as agents, employing unregistered agents and perpetuating fraud.
Documents allege the Schuberts offered and sold securities in Oklahoma under the name Schubert and Associates and engaged in the sale of securities from the state to people as part of an investment program.
According to the documents, the program consisted of investors pooling and investing funds, with the promise of a return of large profits.
The securities department has asked for a permanent injunction and other relief against the Schuberts.
The lawsuit seeks actual and punitive damages.