Comment on Liberty, other defendants deny allegations they defrauded investors

Liberty, other defendants deny allegations they defrauded investors

Former Portland developer Michael Liberty and other defendants are formally denying allegations that they defrauded investors of nearly $50 million. The federal Securities and Exchange Commission charged Liberty and the others – including his wife, lawyer and cousin – in April, alleging they tricked investors into putting money into a technology startup and instead used the funds to pay for chartered flights, expensive homes and cars, production of a movie and the purchase of a dairy farm in Maine. The charges relate to Mozido, a Texas-based company that Liberty founded and was supposed to develop applications that would allow users to access banking and other financial services via their cellphones. Papers filed Friday in U.S.

 

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