The Securities and Exchange Commission is suing two borthers who ran a Ponzi scheme that bilked evangelical Christians associated with a private school in the Dallas area, Courthouse News reported.
The SEC suit named Usee Inc., Terry Wiese, Scott Wiese, and three relief defendants, accusing them of to taking investments from 80 people, who were promised outsized returns of 1,000 percent in the first year. Usee billed itself as a voice-over-internet-protocol, which routes voice calls over the web, often at lower rates than traditional or mobile telephones.
The SEC complaint alleges that the scheme raked in $6 million between December 2009 and September 2010 by offering investors unregistered stock and high-yield promissory notes. Nearly half of the investors were teachers, staff, and parents of students at a school where Terry Wiese’s wife works.
All but two investors lost the money they invested with Usee. Those investors had been paid with money gained from later investors.
– CMN Staff Writer