Matt Potter 6:30 a.m., April 23
Lawyer Assisted Currency Trading Scam, Says SEC
In San Diego federal court yesterday (Sept. 21), the Securities and Exchange Commission charged Escondido lawyer George Gustav Bujkovsky with assisting a foreign currency trading scam run by Sharanjit and Mohit Khanna. Investors in the $35 million MAK 1 scam were promised exorbitantly high returns, says the SEC. The securities offered were unregistered and probably fraudulent, says the agency. Bujkovsky made material misrepresentations in the securities documents, says the SEC. Bottom line: Bujkovsky learned in August of last year from Mohit Khanna that MAK 1did not engage in currency trading and was a fraud. The lawyer lulled investors into believing their money would be returned after problems with intermediaries including European banks were ironed out. While he made those misrepresentations, MAK 1 collected another $3.3 million from investors, says the SEC.