Where's Da Money?
"11. Beginning in or about 1992, Longo/SCI, with the assistance of Washington Investments (“WI”), a corporation engaged in investment banking, would begin selling student loans in bundled offerings of $10,000.00 (ten thousand dollars). This alleged fraudulent securities scheme would gross Longo/SCI/WI approximately $1,325,000.00 (one million, three hundred twenty-five thousand dollars). This securities fraud scheme would collapse in late 1993/early 1994.
12. The money from the student loan offerings was to be used by SCI, a Maryland corporation, but Longo was diverting a portion of the money to finance the start up of Shippers’ Choice of Virginia.
13. Additionally, Longo is alleged to have been using money from these schemes for his personal enrichment rather than for corporate purposes.
14. Longo had personally fraudulently represented in writing to investors of these offerings that SCI was not a party to any litigation and that no litigation had been brought against SCI. At the time Longo was making these statements, SCI was operating against two (2) cease-and-desist orders from the Maryland Higher Education Department and was continually involved in litigation with the state of Maryland.
15. In or about March 1993, Michael Dennis Beck (“Beck”), an associate of Longo’s involved in the alleged sale of the SCI fraudulent securities offerings, pled guilty to one (1) count of federal felony offense (wire fraud) and was incarcerated for 18 (eighteen) months on a charge unrelated to the alleged SCI securities offerings.
16. The SEC is alleged to have been unaware of Beck’s activities in the sale of the $500,000.00 (five hundred thousand dollars) fraudulent securities offerings made by Longo/SCI/WI until mid 1996.
17. In or about December 1994, SCI declared bankruptcy in an effort to evade liability for the fraudulent securities scheme.
18. Beginning in or about October 1993 and lasting until the present, DSII, the victim or prize corporation, would become a mere continuation of SCI, which was the continuation of NTS. Namely, all were vehicles through which Longo and his associates engaged in fraudulent activities. With DSII, Longo and his associates would have absolute control of the potentially valuable technology and patent Plaintiff had invented and of DSII, a legitimate corporation Plaintiff had formed. Hidden behind this legitimate corporation, Longo and his associates would further their fraudulent and federal felony activities and parlay the money and assets from their previous fraudulent schemes into an ever-expanding collection of legitimate businesses, enterprises, and real estate."
My guess is SCI, or, Shippers’ Choice of Virginia.
I think the Democrats did RICO Henry Hyde.
You would find the assets in various forms,real estate, rental units, etc. broadcast throughout Maryland.