A federal judge in Sacramento has granted a government request temporarily halting the business activities of an alleged $25 million Ponzi scheme.
The Securities and Exchange Commission said that Secure Investment Services and its father-daughter owners Donald Neuhaus of Redding, California and Kimberley Snowden, sold a life insurance product to consumers that promised a 125 percent return. The consumers were mostly senior citizens whose payments were to be used to buy policies. Instead, the government agency says that Neuhaus and Snowden took $700,00 for themselves and that the company was "on the brink of collapse".
For some reason, Neuhaus is still listed as an agent of "National Policy Exchange" at his Redding, California address. National Policy promotes life insurance liquidation and lists 9 other representatives, many of whom use free email addresses at AOL or WebTV. National Policy Exchange was apparently not included in the SEC's actions, but continues to list Neuhaus as a representative. The California Secretary of State does not have a record for an LLC organization called "National Policy Exchange", but its records do show that "National Policy Purchase Company LLC" has a canceled incorporation as of May 4, 2006 due to "agent resign[ing]". It is possible that the company is incorporated elsewhere and doing business in California.
Labels: National Policy Exchange, Ponzi, scam, SEC, Secure Investment Services
