Comment on Developer Michael Liberty in SEC crosshairs again

Developer Michael Liberty in SEC crosshairs again

Former Portland developer Michael A. Liberty is in legal trouble again, this time charged with four others with tricking investors into putting about $50 million into a technology startup and then using the money to pay for what federal regulators call a “lavish lifestyle.” Liberty, his wife, his Portland lawyer, a cousin, the cousin’s friend and four shell companies were all charged in a 66-page complaint filed by the Securities and Exchange Commission in federal court in Maine. It alleges that Liberty and his associates “engaged in a long-running fraudulent scheme using multiple fraudulent securities offerings” to entice investors to put money into what they thought were shares of Mozido, a Texas-based company that Liberty founded to provide financial services to people via their mobile phones.

 

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