6.12.2009 The SEC obtained an emergency court order and asset freeze to shut down a fraudulent prime bank scheme started by husband and wife John S. and Marian I. Morgan of Sarasota, Florida; Stephen E. Bowman of Omaha, Nebraska; and Thomas D. Woodcock Jr. of Rockwell, Texas The schemers allegedly promised massive returns to investors nationwide and then offered a range of administrative excuses when investors had not received any payments. Their scheme collectively raised more than $11 million for the fictitious investment program.

The SEC charged two companies operated by some of the defendants: Danish entity Morgan European Holdings ApS and Nebraska-based Bowman Marketing Group, Inc. Among other things, the emergency court order issued by Judge Richard A. Lazzara grants the SEC’s request for an asset freeze, an accounting, expedited discovery, and the repatriation of funds to the registry of the court.

Click http://www.sec.gov/litigation/litreleases/2009/lr21082.htm to access the SEC litigation release.