2019-04-04 sec-litreleases litigation_release 65 KB 2,263 chars

SEC v. Jeffrey E. Wall; and The Lighthouse Events, LLC, No. LR-24443, District of Maine (Apr. 4, 2019) — Press Release

raw: Jeffrey E. Wall and The Lighthouse Events, LLC

Jeffrey E. Wall and The Lighthouse Events, LLC, No. 2:19-cv-00139-LEW (Apr. 4, 2019)

Caption
Securities and Exchange Commission v. Jeffrey E. Wall and The Lighthouse Events, LLC
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summary

Jeffrey E. Wall and The Lighthouse Events, LLC defrauded over 145 investors of $3 million in a Christian concert scheme, using funds for other expenses and failing to repay $1.6 million, and now face SEC charges and penalties.

paragraph

Jeffrey E. Wall and The Lighthouse Events, LLC allegedly defrauded over 145 investors of more than $3 million by falsely promising that funds would be used solely to promote Christian music concerts. Wall diverted investor money to pay existing debts, earlier investors, and personal expenses, while concealing the company's deteriorating finances. Approximately $1.6 million remains unpaid to investors, and the SEC seeks permanent injunctions, civil penalties, and disgorgement with prejudgment interest.

narrative

The Securities and Exchange Commission (SEC) charged Jeffrey E. Wall and his company, The Lighthouse Events, LLC, with defrauding over 145 investors of more than $3 million in a scheme to promote Christian music concerts and festivals. From approximately January 2014 through October 2018, Wall and Lighthouse raised funds from investors, falsely claiming that the investments were 'secured' and 'guaranteed' within one year. Instead, Wall diverted investor money to pay existing debts, earlier investors through a Ponzi-like scheme, and personal expenses, while concealing the company's deteriorating finances due to declining ticket sales and high-interest loans. The SEC alleges violations of antifraud provisions under Sections 17(a) of the Securities Act and 10(b) and Rule 10b-5 of the Exchange Act, as well as unregistered securities offerings under Sections 5(a) and 5(c). Approximately $1.6 million remains unpaid to investors, and the SEC seeks permanent injunctions, civil penalties, and disgorgement with prejudgment interest. The SEC's case is being handled by the Boston Regional Office.

Enriched metadata

Scheme
ponzi (97%)
Court
District of Maine
Case No.
2:19-cv-00139-LEW
Victim loss
$3,000,000
Victims
145
Entity
The Lighthouse Events, LLC
Classified ponzi(confidence 97%). EDGAR detection: forms Form D· recall 35% / precision 15%. detection rule →
Statutes
Section 17(a) of the Securities ActSections 5(a) and 5(c) of the Securities ActSections 5(a) and 5(c) of the Securities ActRule 10b-5
Parties
Securities and Exchange CommissionJeffrey E. WallThe Lighthouse Events, LLC
Keywords
wall lighthousewalllighthousejeffrey walllighthouse eventsinvestorssecuritiessecurities exchangejeffreyeventsllcapril securitiesexchange commissionchristian musicmusic concerts

Exhibits & Attached Documents (1)

Extracted insights

Dollar amounts 3
  • $3.00M $3 Million $1M–$10M
  • $3.00M $3 million $1M–$10M
  • $1.60M $1.6 million $1M–$10M
Entities 6
  • person Investors
  • person jeffrey e. wall
  • company jeffrey e. wall and the lighthouse events, llc
  • agency Securities and Exchange Commission
  • organization Securities and Exchange Commission
  • company the lighthouse events, llc
Triples 20
  • Jeffrey E. Wall and The Lighthouse Events, LLC defrauding investors in a $3 million Christian concert scheme
  • Securities and Exchange Commission filed an enforcement action against Jeffrey E. Wall and The Lighthouse Events, LLC on April 4, 2019
  • Jeffrey E. Wall and The Lighthouse Events, LLC defrauding investors in a $3 million Christian concert scheme
  • Securities and Exchange Commission filed an enforcement action against Jeffrey E. Wall and The Lighthouse Events, LLC on April 4, 2019
  • Securities and Exchange Commission filed an enforcement action
  • Securities and Exchange Commission charges Jeffrey E. Wall
  • Securities and Exchange Commission charges The Lighthouse Events, LLC
  • Jeffrey E. Wall defrauded investors
  • Jeffrey E. Wall solicited investors
  • Jeffrey E. Wall promotes concerts
  • The Lighthouse Events, LLC is Jeffrey E. Wall's business
  • The Securities and Exchange Commission filed an enforcement action in federal court in Portland, Maine
  • The Securities and Exchange Commission charged Jeffrey E. Wall and The Lighthouse Events, LLC with defrauding over one hundred investors
  • Jeffrey E. Wall and The Lighthouse Events, LLC defrauding investors in $3 Million Christian Concert Scheme
  • Jeffrey E. Wall defrauds investors
  • The Lighthouse Events, LLC defrauds investors
  • Jeffrey E. Wall solicits over one hundred investors
  • The Securities and Exchange Commission files enforcement action
  • Jeffrey E. Wall promotes Christian concert scheme
  • The Securities and Exchange Commission charges Jeffrey E. Wall and The Lighthouse Events, LLC
PDF (from attached: complaint)
Comp24443 · Source
Text layers
Extracted body text (2,263c) 
SEC Charges Maine Resident with Defrauding Investors in $3 Million Christian Concert Scheme Litigation Release No. 24443 / April 4, 2019 Securities and Exchange Commission v. Jeffrey E. Wall and The Lighthouse Events, LLC, No. 2:19-cv-00139-LEW (D. Me. filed April 4, 2019) The Securities and Exchange Commission filed an enforcement action on April 4, 2019 in federal court in Portland, Maine, charging Freeport-area concert promoter Jeffrey E. Wall and his business, The Lighthouse Events, LLC, with defrauding over one hundred investors he solicited to become "financial partners." According to the SEC's complaint, from approximately January 2014 through October 2018, Wall and Lighthouse raised more than $3 million from approximately 145 investors to promote Christian music concerts and festivals in the New England area. As alleged, Wall and Lighthouse falsely told potential investors, among other things, that their funds would be used solely to promote and host Christian music concerts and festivals, claiming that repayment of the investment was "secured" and "guaranteed" within one year of the initial investment. Instead, they used investor funds for other expenses, including payment of Lighthouse's existing debt and payments to earlier investors using later investors' money. According to the complaint, Wall and Lighthouse also failed to disclose material information to potential investors about Lighthouse's deteriorating financial condition from declining ticket sales and its growing high-interest debt from short-term loans. Wall and Lighthouse have failed to repay approximately $1.6 million of the monies fraudulently collected from investors. The SEC's complaint alleges that Wall and Lighthouse violated the antifraud provisions of Section 17(a) of the Securities Act of 1933 ("Securities Act") and Section 10(b) the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and the registration provisions under Sections 5(a) and 5(c) of the Securities Act. The SEC seeks permanent injunctions, civil penalties, and disgorgement plus prejudgment interest against Wall and Lighthouse. The SEC's case is being handled by David London, Gretchen Lundgren, John McCann, and Michele T. Perillo of the Boston Regional Office. SEC Complaint
OCR text (2,263c · html-text · 99% conf) 
SEC Charges Maine Resident with Defrauding Investors in $3 Million Christian Concert Scheme Litigation Release No. 24443 / April 4, 2019 Securities and Exchange Commission v. Jeffrey E. Wall and The Lighthouse Events, LLC, No. 2:19-cv-00139-LEW (D. Me. filed April 4, 2019) The Securities and Exchange Commission filed an enforcement action on April 4, 2019 in federal court in Portland, Maine, charging Freeport-area concert promoter Jeffrey E. Wall and his business, The Lighthouse Events, LLC, with defrauding over one hundred investors he solicited to become "financial partners." According to the SEC's complaint, from approximately January 2014 through October 2018, Wall and Lighthouse raised more than $3 million from approximately 145 investors to promote Christian music concerts and festivals in the New England area. As alleged, Wall and Lighthouse falsely told potential investors, among other things, that their funds would be used solely to promote and host Christian music concerts and festivals, claiming that repayment of the investment was "secured" and "guaranteed" within one year of the initial investment. Instead, they used investor funds for other expenses, including payment of Lighthouse's existing debt and payments to earlier investors using later investors' money. According to the complaint, Wall and Lighthouse also failed to disclose material information to potential investors about Lighthouse's deteriorating financial condition from declining ticket sales and its growing high-interest debt from short-term loans. Wall and Lighthouse have failed to repay approximately $1.6 million of the monies fraudulently collected from investors. The SEC's complaint alleges that Wall and Lighthouse violated the antifraud provisions of Section 17(a) of the Securities Act of 1933 ("Securities Act") and Section 10(b) the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and the registration provisions under Sections 5(a) and 5(c) of the Securities Act. The SEC seeks permanent injunctions, civil penalties, and disgorgement plus prejudgment interest against Wall and Lighthouse. The SEC's case is being handled by David London, Gretchen Lundgren, John McCann, and Michele T. Perillo of the Boston Regional Office. SEC Complaint

Related documents (1)