Cash Link Systems, Inc. et al.
On July 20, 2004, the SEC obtained a temporary restraining order and
asset freeze against Cash Link Systems and its President, Alan Levine in
connection with an unregistered and fraudulent offering of
"cashless" automated teller machines. The SEC alleged the
defendants raised more than $10 million dollars from at least 680
investors by promising them "conservative" returns of 18% per
month. The SEC also alleged the defendants failed to deliver ATMs to
some investors and did not disclose that the few machines in operation
generated very little return for investors. For more information
about the SEC's action, you can read Litigation Release No. 18791 (July
23, 2004).
The Court appointed Michael J. Quilling as Receiver. For more
information, please visit the Receiver's
website.
http://www.sec.gov/divisions/enforce/claims/cashlink.htm