Financial Host Faces SEC Charges
October 8, 2010 at 4:28 AM (PT)
The SECURITIES AND EXCHANGE COMMISSION has charged a financial talk show host and two other executives at APS FUNDING with misappropriation of $2.5 million from $7 million they allegedly raised through fraudulently selling interest in two real estate investment funds.
BARBRA ALEXANDER, host of the show and President of APS, along with Secretary/CFO BETH PINA and VP MICHAEL E. SWAMSON, allegedly used the show "MONEYDOTS" to raise money from investors, and instead of putting the money into short-term, real-estate-backed loans, allegedly paid themselves and financed the radio show and other businesses. $1.2 million allegedly went to their own use and $1.3 million was used to finance the show and businesses.
"ALEXANDER led investors to believe she would invest their money in secured real estate financing, but she and her cohorts merely used the money for their own benefit," said MARC J. FAGEL, Director of the SEC's SAN FRANCISCO Regional Office.
The U.S. Attorney's Office for the Northern District of CALIFORNIA has also filed criminal charges against the three on the same grounds.