The SEC alleged that between October 2001 and May 2002, the Starcash defendants raised more than $6 million from investors nationwide through a network of boiler rooms to allegedly fund short-term payday loans. Lauderdale, Florida, conducted a fraudulent unregistered offering to raise investor funds for the purported purpose of funding payday advances in the form of short-term loans.
In its Complaint filed on May 16, 2002, the SEC alleged that Starcash, based in Boca Raton, and Ft. Leclercq, Shapiro, Marsique, Starcash, and Infinity, without admitting or denying the SEC's allegations, consented to the Court Order that permanently enjoins them from violating Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Sections 10(b) and 15(a) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. This follows the Court's permanent injunction of Augentered against Starcash, Inc ("Starcash") and Infinity Consulting Services, Inc. Shapiro ("Shapiro") for fraud and for selling unregistered securities. Leclercq ("Leclercq"), Kip Marsique ("Marsique"), and Frederick J. The Securities and Exchange Commission ("Commission") announced that on September 23, 2002, the United States District Court for the Southern District of Florida entered final judgments of permanent injunction against Jean B. 17805 / OctoFinal Judgments of Permanent Injunction Entered Againstĭefendants Accused of Fraudulent Payday Advance Scheme Securities and Exchange Commission v. Securities and Exchange Commission Litigation Release No.
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