International Funding Association, Ronald Stephen Holt, et al.

On September 18, 2003, the SEC obtained temporary restraining orders and asset freezes against International Funding Association and Ronald S. Holt in connection with a Ponzi scheme. The SEC alleged the defendants fraudulently told at least 4,600 investors nationwide they could expect returns of 5 to 7 percent per month through foreign investments in “Federal Reserve Notes” and various “for profit” ventures. The SEC also alleged the defendants did not actually invest funds as promised, paid investors with funds from new investors, and used investor funds for undisclosed personal benefit. For more information about the SEC's action, you can read Litigation Release No. 18356 (Sept 22, 2003).

The Court also appointed Lawrence J. Warfield as Receiver. For information about the Receivership, please visit the Receiver’s website.

http://www.sec.gov/divisions/enforce/claims/internationalfund.htm