Pedram Mehrian And His Two Companies Owe SEC $8.4M For $17.5M Fraud
Pedram Mehrian And His Two Companies Owe SEC $8.4M For $17.5M Fraud Strategic Legacy Investment Group Inc. and SLIG High Interest Liquid Savings Co., accused of participating in a fraudulent real estate investment scheme, have agreed to pay over $8.4 million to settle claims related to a $17.5 million scam that deceived more than 150 investors by marketing "collateralized" and "recession-proof" securities (promissory notes). In final judgments issued in California federal court, U.S. District Judge Fernando M. Olguin ruled that both companies would pay the U.S. Securities and Exchange Commission (SEC) $6.5 million and nearly $1.9 million, respectively. Strategic Legacy Investment Group Inc. must pay nearly $4.9 million in disgorgement, more than $487,000 in prejudgment interest, and a $1.15 million civil penalty. SLIG High Interest Liquid Savings Co. will pay nearly $648,000 in disgorgement, over $64,000 in prejudgment interest, and a $1.15 million civil penalt...