Based on allegations that a Broward County resident was running a Ponzi Scheme, a Broward County Circuit Court Judge has issued an injunction freezing assets of companies controlled by George Elia, known as International Consultants and Investment Group Limited Corp., International Consultants and Enterprises, Inc., Vision Equities, Inc., Vision Equities Fund II, LLC, Vision Equitieis Fund III, LLC. In the Court Order, the Judge made findings that "Plaintiffs have provided either affidavits or a verified pleading stating that: 1) they deposited millions of dollars with Defendant George Elia ("Elia") and his companies; 2) Elia and his companies have provided Michael Imbesi forged account statements; 3) they instructed Defendants to redeem their funds; and 4) the Defendants have refused to return them." A Ponzi Scheme is a fraud where a promoter provides a guaranteed return from an alleged profitable business or investment trading, but in fact pays older investors their guaranteed returns with money raised from newer investors, said Jeffrey Sonn, managing partner at Sonn & Erez.
"Based on our investigation so far, we firmly believe this was a Ponzi Scheme," said Jeffrey Sonn. "Furthermore, witnesses have implicated Jim Ellis and others as promoting the investment in the Ponzi Scheme," added Sonn. "Numerous investors have contacted us to represent them, and we are investigating all of their claims," Sonn said.
Sonn & Erez is a nationally known securities firm that concentrates its practice on representing investors who are the victims of financial advisor negligence, fraud, and Ponzi Schemes. For more information, contact Jeffrey Sonn or Jeffrey Erez at 954-763-4700 or at jsonn@sonnerez.com or jerez@sonnerez.com.
