The U.S. Securities and Exchange Commission has filed civil charges against three Dallas-Fort Worth residents, accusing them of operating a $91 million Ponzi scheme that defrauded more than 200 investors.
The SEC complaint, filed April 29 in U.S. District Court for the Eastern District of Texas, charges Kenneth W. Alexander II, of Fort Worth; Robert D. Welsh, of Frisco; and Caedrynn E. Conner, of Heath, with violating antifraud and registration provisions of federal securities laws.
“As we allege, the defendants conducted a large-scale Ponzi scheme that caused devastating losses to investor victims, while Alexander and Conner misappropriated millions of dollars of investor funds,” said Sam Waldon, acting director of the SEC’s Division of Enforcement, in a news release this week…