ANI Development LLC charged with defrauding approximately 50 retail investors

UN report says North Korea laundered $2 billion theft via Hong Kong firm

The Securities and Exchange Commission today announced that it has shut down $300 million fraud perpetrated by San Diego company ANI Development LLC and Its Principal, Gina Champion-Cain.

According to the regulator, the company has defrauded approximately 50 retail investors.

Back in 2012, ANI Development LLC fraudulently raised hundreds of millions of dollars from investors by claiming to offer investors an opportunity to make short-term, high-interest loans to parties seeking to acquire California alcohol licenses.

However, according to SEC, the investment opportunity was a sham. The company did not use investor funds to make loans to alcohol license applicants, instead, Cain directed significant amounts of investor funds to a relief defendant that she controlled.

The SEC took emergency action to stop what we allege is an egregious fraud,” said Los Angeles Regional Director Michele Wein Layne. “Importantly, the agreement we reached with the defendants to freeze their assets during the litigation will give investors the best chance to maximize their recovery going forward.

Read Also: