Court Shuts Down Christian Stanley Inc.
Chief Executive officer of a California Life Settlement Firm trading as Christian Stanley Inc., reportedly operated a pyramid scheme worth $4.5 million. Details of his expenditure reveal that he used close to $5,000 to register for a dating service, about $21,000 to settle his school loans and splurged a farther $5,000 on fancy shoes.
The Securities and Exchange Commission (SEC), acted swiftly to freeze $4.5 million worth of assets belonging to Daniel C.S. Powell by obtaining a legal order from the US District Court in the Central District of California. A court proceeding has now been slated for the 15th of September to determine if an injunction will be effected by this court through Judge George H. King. Judge King also appointed Robb Evans & Associates to be the receiver managers for Christian Stanley and its related entities after confirming temporary court order barring Daniel C.S. Powell from running his company as well as accessing any monies associated with Christian Stanley Inc.
In their complaint, SEC authorities indicated that through Christian Stanley, Daniel C.S. Powell, duped investors into believing that the company operated a lucrative business in life investment where in actual sense, Christian Stanley had no financial base and only relied on collections from investors. Moreover, Daniel C.S. Powell, spent investors’ money to bankroll his personal luxurious and other activities that are not in anyway related to the expectations of the investors.
SEC indicated that more that 50 people had invested in Christian Stanley Inc. and were assured of getting good returns from their investment at an interest rate ranging from 5% to 15.5 % per annum, for a fixed period of five years. To assure their investors of security of their investment, Daniel C.S. Powell alleged that his company had mineral resources worth $11.8 billion.
According to SEC, Daniel C.S. Powell has been misleading their investors for seven years that Christian Stanley is a legal life settlement company. SEC however asserts that Christian Stanley has at no time sold as brokerage, any life settlement and neither has it ploughed back any revenue from the business entities it claims to operate. SEC further states that rather than dealing in life settlement brokerage, Daniel C.S. Powell engaged in activities such as pyramid and ponzie scheme and offering sales commissions yet these are not in any way related to investor expectations.
Michael E. Dortch
President & Managing Agent
Corporate Home Office
618 South Broad Street
Lansdale, Pennsylvania 19446
(800) 807-0762 ext. 602