Securities Fraud

The SEC claims in a <a href="http://www.courthousenews.com/wp-content/uploads/2018/04/SEC.Lifepay.pdf"><strong>federal complaint</strong></a> that Clifton E. Stanley, 66, of Galveston, stole $1.3 million of the $2.4 million he took from elderly people in a Lifepay Group real estate-promissory note Ponzi scheme, and raised another $1.4 million in an oil-and-gas promissory note scam with Michael E. Watts, 62, of Sugar Land, and their company SMDRE.

HOUSTON — The SEC claims in a federal complaint that Clifton E. Stanley, 66, of Galveston, stole $1.3 million of the $2.4 million he took from elderly people in a Lifepay Group real estate-promissory note Ponzi scheme, and raised another $1.4 million in an oil-and-gas promissory note scam with Michael E. Watts, 62, of Sugar Land, and their company SMDRE.

Categories / Securities

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