SEC Sues Phoenix Asset Group for $2.7 Million Debt Buying Fraud

Phoenix Asset Group LLC and its president allegedly conducted a fraudulent securities offering, raising at least $2.7 million for purported distressed debut portfolio purchases over a two-year period, the Securities and Exchange Commission said in a lawsuit filed Monday.

Investors were led to believe that Phoenix would use the money generated by debt collection to pay returns of up to 15% on promissory notes they purchased, plus a share in the company’s profits, according to the complaint. But Phoenix President Robyn Bowman and her company allegedly lied to investors, using the company’s account for more than $860,000 in personal expenditures ...