10:30 a.m., April 16
Psssst! Wanna Make 4 to 12 Times Your Investment?
The Securities and Exchange Commission today (May 6) charged Dennis Lee Keating II, a former broker and part owner of Torrey Pines Securities, with swindling more than 100 investors by giving them false information in encouraging them to invest in his company, Paseo Partners of Corona. Keating promised returns of 4 to 12 times the investors' original investment, said the SEC, which officially charged him with civil fraud. Keating did not use the money money he raised for the purpose investors were told, according to the SEC. Also, Keating allegedly told investors falsely that Torrey Pines was involved in the offering. Keating, who formerly lived in Temecula, now lives in Utah, where the charges were filed.