Neulan D. Midkiff Charged with Contempt
The SEC appointed receiver in this action is Hays Financial Consulting and the relevant court documents, along with other newspaper stories are here.
Consider the analysis of why this scheme worked, by the SEC and the Receiver:
"The SEC assistant director said it is such scams that continue to keep officials busy."I am amazed pretty regularly by the number of fraudulent schemes and the number of investors they are able to entice,' Addleman said.
She said when it comes to making investments, investors should keep this old adage in mind: “If it sounds too go to be true, it may well be,” she said.
Hays, the Atlanta-based receiver, agrees.
He said investors should seriously question the validity of an investment plan that offers 10 percent a month in risk free income. 'Even seven percent,' Hays said.
In the Correll case, Hays says he is finding that many of the investors are middle-aged folks with respectable incomes. He believes their reason for investing is simple.
'It is just greed,' Hays said. 'People wanting a higher return.'
Well, here is another thing that is too good to be true: I am from the SEC and I am here to help.
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