"Scam cost investors $3.5m, SEC says3 from Mass. named in lawsuit alleging real estate fraud" by Todd Wallack, Globe Staff | March 4, 2010
The Securities and Exchange Commission has accused a trio of Bay State residents of defrauding 60 investors out of $3.5 million in a multistate real estate scam.
In documents filed in federal court in Boston this week, the government accused Joseph A. Roche, 44, of Braintree, and Kathleen S. Dobens, 45, and Charles T. Dobens, 45, of Duxbury, of “playing a shell game with investors’ funds.’’
********And instead of investing the money in real estate, the court documents allege, the trio used it to buy dinners, groceries, and other personal items, diverted some of the cash to other corporations they controlled, and, in at least one case, used the funds to repay an investor - a mark of a pyramid scheme....
Of course, if a government or political party do that, it's okay.
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Where is the RAID when you need it?
