SEC Busts Alleged Prime Bank Scam Promising 140%

     NEWARK (CN) – William Graulich IV defrauded people of $13 million by promising “weekly returns of up to 140 percent with little or no risk” in his company, iVest International Holdings, the SEC claims in Federal Court. Graulich, 59, of Henryville, Pa., is still running the scam, the SEC says.

     The agency says Graulich’s scam “bears all the hallmarks of a prime bank/high yield investment scheme.” These hallmarks include promises of “spectacular returns” at “little or no risk,” claims of guarantees from “the top 100 world banks,” and protestations “that the investments are secretive and exclusive,” and can be explained only in “vague and complex terms.”

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