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US acts on telco 'Ponzi scheme'

Chinese whispers at China Voice

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The Securities and Exchange Commission has frozen the assets of China Voice Holding Corp on suspicion that it is no more than a Ponzi scheme.

The SEC alleges that China Voice, which said it has a "portfolio" of telecoms products and services in the US and China, is using new investments to pay off previous investors.

Investigators claim that "David Ronald Allen, who also was China voice's chief financial officer, and his associates Alex Dowlatshahi and Christopher Mills promised investors in a series of offerings of limited partnerships that they would earn returns of at least 25 per cent on their investments."

Investors were told their money would be lent to companies with great histories and great profit margins. The SEC accuses Allen and his associates of ramping up activities recently in order to keep the money flowing in.

Allen, along with other individuals, is also accused of making fraudulent claims about China Voice – specifically that the firm grossly overstated its business on mainland China.

Two investors in China Voice are also accused of illegally pumping its share price.

The SEC's full statement on China Voice is here. ®

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