7.31.2009 The SEC charged Steven E. Tennies and his company, Price Geld & Company, with operating a Ponzi scheme in which he allegedly stole more than $1.5 million from investors through an investment fund that he managed. The SEC alleges that Tennies and his company fraudulently obtained millions of dollars from dozens of investors in several states by selling limited partnership interests in his now defunct Adeona Fund. Instead of investing the money as he claimed he would, Tennies allegedly siphoned money out of the fund for personal use, concealed his fraud by fabricating tax documents and account statements claiming phony returns, commingled investor funds with his personal accounts, and used fund assets to pay his personal expenses, which included hundreds of thousands of dollars toward a divorce settlement, the mortgage on a custom-built home, rare first-edition books and artwork, and financing a car business.

Click http://www.sec.gov/litigation/litreleases/2009/lr21161.htm to access the SEC litigation release.