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Sirens & Gavels

Posts tagged: Securities and Exchange Commission

Alleged Ponzi scheme brings 110 charges

When asked by a reporter about the alleged Ponzi scheme, Doris “Dee” Nelson, right, breaks down crying while her husband Dennis, looks on at their rural home in north of Colbert on Sept.. 22. (SRPhot/Jesse Tinsley)

Federal prosecutors filed a 110-count felony indictment Thursday against Doris “Dee” Nelson, architect of an alleged international Ponzi scheme that netted $126 million to prop up payday lender Little Loan Shoppe.

Nelson asked for a federal public defender during an initial appearance in U.S. District Court on Thursday afternoon.

Read the rest of John Stucke's story here.

Past coverage:

Sept. 25: Alleged Ponzo scheme shatters lives

Woman accused of huge Ponzi scheme

The Securities and Exchange Commission accuses the owner of a bankrupt Spokane-based payday loan business with conducting a massive Ponzi scheme.

 The civil complaint alleges that Doris “Dee” Nelson stole investor money to pay for an upscale lifestyle that included expensive cars and gambling jaunts to Las Vegas.

Nelson lives with her family in Colbert. The SEC alleges she defrauded investors in her company, Little Loan Shoppe, by misrepresenting the profitability and safety of their investments and giving them the false impression that their money was being used to grow her business.

Read the rest of John Stucke's story here.

Past coverage:

May 20, 2010: LLC in Ponzi probe in the black, report says

April 7, 2010: Feds search Spokane payday loan firm

Feb 24, 2010: State outlines Ponzi charges

July 23, 2009: Loan shop files for bankruptcy

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