Trucking Investments Went Into Principals’ Pockets, SEC Alleges

Morbex Automation LLC raised $5.4 million from about 50 investors interested in the trucking industry, but diverted about $2 million to its owners or companies they controlled, the SEC says in a suit filed Friday.

Morbex and its owners told investors they would hold title to trucks, and that the investment would generate passive income and tax breaks, the Securities and Exchange Commission says in its complaint filed in the US District Court for the Southern District of Florida.

“However, in all but one known occasion, investors never received titles to the trucks they were promised,” the SEC says.

Morbex ...