Complaint Review: Paul Gwaz - Parma Ohio
- Paul Gwaz
7504 Marlborough Avenue
United States of America
- Phone: 440-391-6064
- Category: Investment Brokers
Con Man Paul Gwaz Gwazdauskas, Paul Bamm, Paal Wall, Paul Dance was issued a Cease & Desist from Selling Learn Waterhouse Ponzi Scheme Parma, Ohio
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INVESTOR PROTECTION CASE HISTORY
LEARN WATERHOUSE, INC., Edinburg, TX, Tyler, TX
Randy Treadwell, Edinburg, TX
Gene Thompson, Swea City, IA
Tom Zielske, Fairmont, MN
The Division learned that Gene Thompson of Swea City, Iowa, was soliciting friends and associates to invest in Learn Waterhouse, Inc. (LWI). LWI was a company that supposedly received and pooled investor moneys to invest in a secret, “bank only” investment program, producing returns of 5 to 50 percent profit per month. Randy Treadwell was identified as the CEO of Learn Waterhouse, Inc.
Investors were told that their funds would be used for various purposes including rebuilding Iraq, bank debentures, “foreign trade,” and “overseas projects. [continued below]....
The Division issued a Cease and Desist Order on October 4, 2004. It ordered all parties to cease and desist the sale of unregistered securities, ordered Randy Treadwell, Gene Thompson, and Tom Zielske to cease acting as securities agents, and ordered all parties to cease and desist making misrepresentations and omissions of material facts.
On October 13, 2004, the U. S. Securities and Exchange Commission filed for a preliminary injunction, asset freeze, and the appointment of a receiver, alleging Learn Waterhouse, Inc., Randy Treadwell (CEO), and others had operated a prime bank/Ponzi scheme nationally, involving over 1700 investors and $24.5 million. The SEC said claims of pooling funds and investing in a bank investment program were false, and investors were being paid ”earnings” from investor funds. The SEC also said that principals of the company had misappropriated over $2.5 million for their personal and other business uses. The U.S. District Court in California granted the preliminary injunction on November 1, 2004. The matter is still in litigation.
Treadwell and four others were indicted September 9, 2005, by a federal grand jury in San Diego for their activities in Learn Waterhouse and two other investment schemes. http://www.investsmartiowa.org/docs/learn.pdf Paul Gwaz aka Gwazdauskas issued a Cease and Desist from selling Learn Waterhouse, Inc. Securites by NC SEC
Learn Waterhouse, Inc. US SEC Injunction and Assets Freeze
Learn Waterhouse, Inc. et al.
November 1, 2004, the SEC obtained a preliminary injunction and asset freeze against Learn Waterhouse, Inc., Randall T. Treadwell, and others. The SEC alleged the defendants raised at least $24.5 million from 1,700 investors nationwide in connection with the offer and sale of fictitious “prime bank” instruments. The SEC also alleged the defendants actually operated a Ponzi scheme, returning $8.2 million or 46.9% of the money raised to investors and misappropriating at least $2.5 million for personal use. For more information about the SEC’s action, you can read Litigation Release Nos. 18932, 18959, 19059, and 19142.
The Court also appointed Tomas F. Lennon as Receiver. You can find more information on the Receivers website. If you have questions, you can contact the Receiver at:
Thomas F. Lennon, Inc.
7777 Alvarado Road, Suite 712
La Mesa, CA 91941
Phone: (619) 668-6680
Fax: (619) 465-9288
On January 11, 2008, the North Carolina Securities Division issued a Temporary Order to Cease and Desist to Paul Gwaz . The Temporary Order ordered Paul Gwaz, aka Paul Gwazdauskas , to immediately cease and desist from offering for sale, soliciting offers to purchase or selling, in or from North Carolina, interests in New Build Land Trust or any security of any issuer, unless and until such securities have been registered pursuant to the provisions of the North Carolina Securities Act and from offering for sale, soliciting offers to purchase, or selling, in or from North Carolina, securities of Learn Waterhouse, Inc. or any security of any issuer, unless and until he becomes registered as a dealer or salesman of securities pursuant to the North Carolina Securities Act.16334015(2) 16334015
On May 7, 2008 , the Securities Division of the North Carolina Department of the Secretary of State issued a Final Order to Cease and Desist to Paul Gwaz, aka Paul Gwazdauskas . This Order made permanent the terms of the Temporary Order to Cease and Desist issued on January 11, 2008, in this matter. Mr. Gwaz failed to object to the imposition of
the Final Order or seek any hearing in this matter. Mr. Gwaz is restrained from offering to sell, or selling, interests in New Build Land Trust , or any other security, in North Carolina without first complying with the North Carolina Securities Act.
This report was posted on Ripoff Report on 03/13/2011 03:04 PM and is a permanent record located here: https://www.ripoffreport.com/reports/paul-gwaz/parma-ohio-44129/con-man-paul-gwaz-gwazdauskas-paul-bamm-paal-wall-paul-dance-was-issued-a-cease-desis-705498. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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