The Securities and Exchange Commission has filed an emergency enforcement action against an Illinois investment manager charging him with fraudulently obtaining at least $10 million from around 300 investors.
The SEC has obtained an emergency court order freezing the assets of Scott M. Ross, Gilberts, Ill., and appointing a receiver.
Beginning in 2007, Ross sold investments in 3 supposed private investment funds that he claimed to manage, the SEC alleges in its complaint.
Ross raised about $2 million from investors for one fund, the Elucido Fund LP, telling them that Elucido would invest in life settlement contracts, according to the complaint.
With the second fund, Ross raised around $2 million that was to be used to purchase stock in a company called Moondoggie Technologies, the SEC charges.