AOB Commerce- Update- Receiver Appointed
On August 13, 2007, the Honorable Christina A. Snyder, United States District Judge for the Central District of California, entered an order preliminarily enjoining defendants AOB Commerce, AOB Asia Fund, and Terchi "Nelson" Liao from violating the antifraud and securities registration provisions of the federal securities laws. In addition to the preliminary injunctions, the order freezes the assets of both the defendants and the relief defendants (AOB Management, AOB Media, AOB Transportation and AOB Vacations), and appoints Robb Evans & Associates as permanent receiver over the corporate defendants and the relief defendants.
On July 12, 2007, the Commission filed an emergency civil injunctive action and a complaint alleging that since mid-2004, the defendants had raised more than $45 million from hundreds of investors nationwide through their unregistered offering and sale of promissory notes that purportedly paid guaranteed interest of up to 5.5% per month. That same day, the court issued a temporary restraining order halting the defendants' offering; appointed Robb Evans as temporary receiver over AOB Commerce, AOB Asia Fund, and the relief defendants; and temporarily froze the assets of the defendants and the relief defendants.
In its complaint, the Commission seeks the return of ill-gotten gains with prejudgment interest, and penalties against the defendants. The Commission also seeks an order barring Liao from acting as an officer or director of any public company.
Investors may direct their inquiries to the temporary receiver, Robb Evans & Associates LLC, at (818) 768-8100.
