Investment Firm Is Put Into Receivership
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A federal judge in San Francisco placed an alleged real estate scam into receivership Tuesday in hopes that the move would help clean up a financial mess that has entangled at least 200 investors and a Nevada child-care center.
U.S. District Judge Charles Breyer authorized Moraga, Calif.-based receiver Stephen E. Anderson to seize control of Reno-based Chicago D&P; Inc. and its affiliated companies, ousting a family management team that securities regulators depict as con artists.
The Securities and Exchange Commission sued Chicago D&P; founder Pat Morgen and her son, Shalom Gibson, last week, alleging they had bilked more than $6.4 million since October by promising to generate quick returns of up to 100% through real estate investments.
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