A Quinte area man and his American business partner have been reprimanded by the United States Securities and Exchange Commission.
Georgia-based Coadum Advisors, three of its related funds, and the company’s two principals, James Jeffrey of Belleville and Thomas Repke of Utah, are now barred from raising money.
The Commission complained in early 2008 that Coadum, Jeffrey and Repke engaged in a wide-ranging Ponzi scheme stretching back to 2006, raising nearly thirty-million dollars from more than 150 investors with promises of risk-free investment gains
The Commission will determine fines, penalties and repayments to investors, and criminal prosecution of the two men is still possible.
