SEC: Web Site Investment Firm With Office In Lancaster Co. Was A Scam

An alleged Ponzi-scheme that cheated investors out of more than $56-million dollars has led federal regulators to close an Illinois-based web site company along with its office in Lancaster. Officials with the Security and Exchange Commission say the Income Store along Millersville Road in Manor Township and its parent company ‘knowingly or recklessly engaged to defraud investors by making false and misleading statements.’ Federal officials claim the company’s founder and co-owner 49-year old Kenneth Courtright also used at least $2-million dollars he got from investors for his personal expenses. A judge has frozen the assets of the firm. The Income Store offered web sites from $50,000 to $500,000 and they promised returns of 20% or more. SEC officials say most pay outs the company made to investors were fees paid by new or repeat customers. The feds want the Income Store to return their “ill-gotten gains” plus interest plus also pay civil penalties.

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