8.25.2009 The SEC filed an emergency civil injunctive action against Thomas Lester Irby II, Titan Wealth Management, LLC, and Point West Partners, LLC, for their roles in defrauding more than 30 advisory clients by selling fictitious interests in what Irby claimed were European Mid-Term Notes (MTNs). The SEC alleges that beginning in 2007 and continuing through the present, Irby, Titan and Point West raised in excess of $3.1 million from more than 30 of Titan’s advisory clients. Irby told investors that he would pool their funds to purchase an MTN or an interest in an MTN, with promised short-term returns ranging from 10% to 50%. The SEC’s complaint further alleges that, contrary to representations to investors, the defendants did not pool investor funds to purchase any interest in an MTN. Instead, Irby and Titan misappropriated at least 80% of investor funds for personal use, to make Ponzi payments to certain investors, and for transfer to the relief defendants for no apparent consideration.

Click http://www.sec.gov/litigation/litreleases/2009/lr21184.htm to access the release.