The Charlotte Observer reports the SEC filed a complaint against Dana Bradley and Marlin Hershey and eight companies owned by either one or both. The SEC says they told investors they would use the money for developing and rehabilitating homes in Charlotte, but instead used the money to repay other investors and themselves a combined $1 million in commissions.
According to the SEC, neither Bradley nor Hershey was registered as a broker with the SEC during the time period of the securities offerings detailed in the complaint.
Two Charlotte attorneys representing the men say they disagree with the SEC's characterization of their clients.
Information from: The Charlotte Observer, http://www.charlotteobserver.com
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