FREEPORT, Maine (AP) - The Securities and Exchange Commission said it has obtained a judgment against a Maine concert promoter who it charged with operating a financial fraud related to Christian music events.
The commission charged Jeffrey Wall of Freeport and his business, The Lighthouse Events, a year ago. The judgement against Wall finds that he and Lighthouse are liable for fraudulently raising more than $3 million in unregistered offerings from some 145 investors, the commission said.
Wall promised the investors their money would go toward the promotion of and hosting of Christian music events, but he used the money for other purposes, such as to pay his own debts, the commission said Wednesday.
A court has ordered Wall and Lighthouse to pay disgorgement of ill-gotten gains as well as interest and civil penalties, the commission said. Wall didn’t respond to a reporter’s call on Wednesday.
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