Yoomi Lee | Bloomberg LawSEC v. Temme, No. 11-CV-00655 (E.D. Tex. filed on Oct. 14, 2011); SEC Litigation Release No. LR-22130 (Oct. 18, 2011); SEC Press Release No. PR-2011-213 (Oct. 18, 2011) The Securities and Exchange Commission (SEC) obtained an asset freeze against James G. Temme and his company Stewardship Fund, LP (Stewardship, and together, Defendants) in connection with an alleged fraudulent investment scheme that raised money from investors for the purpose of investing in distressed mortgages and other related transactions. Defendants allegedly raised at least $35 million since 2008 from various investor groups. The SEC'scomplaint charges Defendants with violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. Additionally, the SEC seeks to (1) preliminarily and permanently enjoin Defendants from further violations, and (2) order payment of civil penalties and disgorgement.
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