SEC Obtains Final Judgment in Case Involving Ponzi Scheme and Promotion of China Voice Holding Corp.

The SEC's complaint, originally filed on April 28, 2011, alleged that China Voice, former CFO Richard Allen, and former CEO and President William F. Burbank IV made a series of false and misleading statements and omissions regarding China Voice's financial condition and business prospects. In addition, the SEC charged China Voice shareholders Ilya Drapkin and Gerald Patera with financing stock promotion campaigns regarding China Voice. The SEC further alleged that Allen launched what became a Ponzi scheme that sought to raise at least $8.6 million from investors around the country.

View release in full here (links externally to SEC website).