CAZENOVIA, N.Y. (AP) - Two New York businessmen are accused of misleading investors by lying about the investments’ prospects.
A complaint filed Thursday by the Securities and Exchange Commission names James Griffin, James Wolle and their Cazenovia-based businesses.
The complaint says they raised at least $8 million from investors who purchased the companies’ securities and charitable gift annuities. Griffin is accused of diverting at least $1.2 million to pay for corporate and personal expenses.
Griffin’s attorney was in court Thursday and unavailable to comment. Court papers did not list a lawyer for Wolle.
Griffin was charged by the U.S. Attorney’s Office earlier this week in a parallel criminal case.
The SEC says Griffin and Wolle, who ran 54Freedom Inc., “picked numbers out of thin air” when making projections to investors.
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