SEC Busts Alleged $45 Million Scam

SAN JOSE, CALIF. (CN) – Terchi Liao aka Nelson Liao and his companies, **AOB Commerce and **AOB Asia Fund I LLC defrauded investors of more than $45 million in unregistered offerings of promissory notes in a Ponzi scheme, fraudulently promising to pay guaranteed rates of return, the SEC claims in Federal Court. Defendants include AOB Management, AOB Media, AOB Transportation, and AOB Vacations. See complaint.