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SEC Busts Alleged $45 Million Scam

SAN JOSE, CALIF.(CN) - Terchi Liao aka Nelson Liao and his companies, AOB Commerce and AOB Asia Fund I LLC defrauded investors of more than $45 million in unregistered offerings of promissory notes in a Ponzi scheme, fraudulently promising to pay guaranteed rates of return, the SEC claims in Federal Court. Defendants include AOB Management, AOB Media, AOB Transportation, and AOB Vacations. See complaint.

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