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Quatloos! > Investment Fraud > HYIP & Bank Debentures > HYIP > SEC v Cheal

U.S. Securities & Exchange Commission

Litigation Release No. 18039 / March 18, 2003

Securities and Exchange Commission v. Nancy J. Cheal, individually and d/b/a Relief Enterprise, et al. (United States District Court for the District of Massachusetts, C.A. No. 00 CV 10182-EFH)
(January 31, 2000)

Nancy J. Cheal Sentenced to 87 Months in Prison
and Ordered to Pay Restitution

The Commission announced today that, in a prosecution by the United States Attorney's Office in Boston, Nancy J. Cheal was sentenced on February 20, 2003 to 87 months in prison. On October 15, 2002, Cheal pleaded guilty to seven criminal charges, including five counts of mail fraud and two counts of wire fraud, in the United States District Court for the District of Massachusetts. Cheal was also ordered to pay restitution to the victims of the scheme. The indictment to which Cheal pleaded guilty charged that she represented that she was the president of a business named "Relief Enterprise," which was operated from two of Cheal's trailer homes in Florida, and that she executed a scheme by which she defrauded thousands of people of more than $2.1 million through her operation of a purported international bank debenture trading program.

On January 31, 2000, the Commission filed a Complaint against Cheal (d/b/a Relief Enterprise) and against Richard L. Birmingham ("Birmingham"), a relief defendant, alleging that Cheal violated the general antifraud and securities registration provisions of the federal securities laws (Sections 5(a) and (c) and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder). The Commission's allegations arose from the same underlying factual conduct to which Cheal pleaded guilty. On February 1, 2000, the United States District Court for the District of Massachusetts granted the Commission's motion for an ex parte order and, among other things, temporarily restrained the fraudulent activities, froze assets of Cheal and Birmingham and froze the proceeds of the offering. On February 15, 2000, the Court entered a Preliminary Injunction and Order for Other Equitable Relief against Cheal (d/b/a Relief Enterprise) and against Birmingham. Among other things, the Order continued the asset freeze.

For further information, please see Litigation Releases No. 16942 (March 23, 2001), No. 16440 (February 17, 2000) and Litigation Release No. 16424 (February 3, 2000).

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