Posts tagged: Securities and Exchange Commission
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.
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.