LOS ANGELES (CN) – Ten top executives with North American Clearing Inc. defrauded Marquis Financial Services of Indiana of $86,600, Marquis claims in Federal Court. In its RICO lawsuit, Marquis claims the fraud was part of the shady doings that caused the SEC to sue NACI in May, while the company held $283 million for 15,500 customers.
Lead defendant Richard L. Goble, of Florida, is founder, sole owner and director of NACI, a registered securities broker and dealer.
Marquis claims that before the SEC stepped in, the defendants were dipping into customers’ funds to pay for NACI’s daily expenses, and their own personal expenses and salaries.
It claims the defendants executed more than 90 illegal “one-day interest free loans” using their customers’ money, for more than $20 million.
Marquis demands punitive damages. It is represented by Kenneth Eade of Beverly Hills.