Two Texas men have agreed $1.1 million to settle SEC litigation alleging that they raised more than $1 million in what authorities said was a fraudulent foreign exchange scheme targeting African Americans.
Two federal District Courts in Texas on Nov. 21 entered final consent judgments in the SEC’s civil enforcement actions against Kevin L. Jefferson and Demetrius L. Early.
In consenting to the judgments, the men did not admit or deny the allegations but agreed to pay a over $1.1 million to settle the case. Authorities allege that Jefferson, with Early’s assistance, duped over 65 investors into investing more than $1 million through a fraudulent offering of unregistered securities. Jefferson and Early targeted African Americans in the greater Shreveport, Louisiana, and Dallas and Houston, Texas metropolitan areas and elsewhere, the SEC alleged…