SEC v. INTERNATIONAL FIDUCIARY CORPORATION, S.A., ET AL.
On January 19, acting on the Commission’s motion, Judge Gerald Bruce
Lee of the U.S. District Court for the Eastern District of Virginia,
appointed Roy M. Terry, Jr., Esq. as Receiver over International
Fiduciary Corporation, S.A. (IFC). IFC is one of four defendants in an
alleged Prime Bank, pyramid scheme case that the Commission filed on
an emergency basis on Dec. 4, 2006.
The Commission has alleged that IFC and the three other defendants in the case defrauded over 180 investors in a fraudulent "Prime Bank" scheme which appears to have raised at least $18.2
million to date. For additional information on the SEC’s pleadings in this matter, see
Litigation Release No. 19934 (Dec. 5, 2006).