Asset Firm Duped Investors With Pre-War Foreign Bonds, SEC Says

A father-and-son run asset firm and affiliates allegedly swindled at least $3.85 million from more than 80 investors using bonds that were disavowed in the early 20th-century Germany, Russia, and China, according to an SEC lawsuit.

Historical Asset Placement Services Global, LLC fraudulently held and sold defaulted-upon and unredeemed bonds issued by the German Weimar Republic and pre-revolutionary Russia and China, the Securities and Exchange Commission said in a complaint filed at the US District Court for the Central District of California on Dec. 13. HAPS leadership proclaimed a redemption process where investors could get up to $15 million and ...