Defendant Added To Indian Tribe Bond Scheme

Another person has been added to the list of defendants in a civil case in which the Securities and Exchange Commission says investors were cheated out of millions of dollars in a sham Native American tribal bonds scheme, the SEC announced Wednesday.

Francisco Martin of Woodland Hills, Calif., is named in the civil injunction pending in the U.S. District Court for the Southern District of New York.

The SEC's complaint charges Martin, along with seven other co-defendants, of setting up a scheme in which a Native American tribal corporation affiliated with the Wakpamni District of the Oglala Sioux Nation was convinced to issue limited recourse bonds.

http://www.fa-mag.com/news/defendant-added-to-indian-tribe-bond-scheme-30037.html