SEC suit against Judah similar to 2001 suit - KCBD NewsChannel 11 Lubbock

5/1/09

SEC suit against Judah similar to 2001 suit

LUBBOCK, TX (KCBD) - Dozens of Lubbockites still stand to lose millions of dollars if the civil charges against a local businessman are true. NewsChannel 11 revisits the case because there are striking similarities between the allegations Benny Judah faces now and what he was accused of doing back in 2001.

Eight years ago the Securities and Exchange Commission accused Judah of defrauding his investors and now the SEC is investigating him for doing the exact same thing again.

On January 31, 2001 the SEC filed suit against Lubbock businessman Benny Judah and his business, Excel Lease Fund Inc. for offering and selling $32 million worth of securities that did not exist. The first suit claims from 1987 to 2000 Judah funded Excel by selling millions of promissory notes to investors across the country and some of the money was used to fund some of his other holdings.  Judah, without admitting or denying allegations of the complaint, was ordered to pay $50,000 in civil penalties.

Flash forward eight years and just last week the SEC filed another suit against Judah. This time the SEC alleges Judah and Excel issued $40 million worth of fraudulent securities held by about 240 people mostly from the Lubbock area. Authorities say Judah engaged in a fraudulent offering of debenture securities, telling folks they were investing in one thing, when in fact they were funding others.

According to SEC documents, Judah violated the anti-fraud provisions of Section 17A of the Securities Act of 1933 both in 2001 and 2009. According to the federal court docket there are no criminal charges in relation to this most recent lawsuit. These are civil allegations only.  

NewsChannel 11 will continue to follow this story and bring you the latest as it develops.

4/27/09
Website available for Judah investors
Lubbock businessman Benny Judah is accused of investor fraud and 240 investors stand to lose money. A website to help those investors is now up and running.

  • Local News on KCBD.comNewsMore>>

  • Thousands sing 'Happy Birthday' to Queen Elizabeth II

    Thousands sing 'Happy Birthday' to Queen Elizabeth II

    Saturday, April 21 2018 6:54 AM EDT2018-04-21 10:54:10 GMT
    Sunday, April 22 2018 6:07 AM EDT2018-04-22 10:07:01 GMT
    (Toby Melville/Pool Photo via AP). Britain's Queen Elizabeth raises her glass during speeches at The Queen's Dinner, during the Commonwealth Heads of Government Meeting at Buckingham Palace in London, Thursday, April 19, 2018.(Toby Melville/Pool Photo via AP). Britain's Queen Elizabeth raises her glass during speeches at The Queen's Dinner, during the Commonwealth Heads of Government Meeting at Buckingham Palace in London, Thursday, April 19, 2018.

    Queen Elizabeth II is marking her 92nd birthday with a star-studded concert in London.

    Queen Elizabeth II is marking her 92nd birthday with a star-studded concert in London.

  • World's oldest person dies in Japan at age of 117

    World's oldest person dies in Japan at age of 117

    Saturday, April 21 2018 8:34 PM EDT2018-04-22 00:34:25 GMT
    Sunday, April 22 2018 6:06 AM EDT2018-04-22 10:06:21 GMT
    Nabi Tajima died of old age in a hospital Saturday evening in the town of Kikai in southern Japan, town official Susumu Yoshiyuki confirmed. (Source: TV Asahi/CNN)Nabi Tajima died of old age in a hospital Saturday evening in the town of Kikai in southern Japan, town official Susumu Yoshiyuki confirmed. (Source: TV Asahi/CNN)
    Nabi Tajima died of old age in a hospital Saturday evening in the town of Kikai in southern Japan, town official Susumu Yoshiyuki confirmed. (Source: TV Asahi/CNN)Nabi Tajima died of old age in a hospital Saturday evening in the town of Kikai in southern Japan, town official Susumu Yoshiyuki confirmed. (Source: TV Asahi/CNN)

    The world's oldest person has died in southern Japan at the age of 117.

    The world's oldest person has died in southern Japan at the age of 117.

  • Israel's Lieberman blames Hamas over Gaza deaths

    Israel's Lieberman blames Hamas over Gaza deaths

    Saturday, April 21 2018 1:44 AM EDT2018-04-21 05:44:10 GMT
    Sunday, April 22 2018 6:06 AM EDT2018-04-22 10:06:19 GMT
    (AP Photo/Adel Hana). Palestinian protesters evacuate a wounded youth during clashes with Israeli troops along Gaza's border with Israel, east of Khan Younis, Gaza Strip, Friday, April 20, 2018. Thousands of Palestinians joined the fourth weekly protes...(AP Photo/Adel Hana). Palestinian protesters evacuate a wounded youth during clashes with Israeli troops along Gaza's border with Israel, east of Khan Younis, Gaza Strip, Friday, April 20, 2018. Thousands of Palestinians joined the fourth weekly protes...

    Gaza health officials say 4 Palestinians, including 15-year-old boy, killed by Israeli army fire as thousands join fourth weekly protests on Gaza border.

    Gaza health officials say 4 Palestinians, including 15-year-old boy, killed by Israeli army fire as thousands join fourth weekly protests on Gaza border.

Powered by Frankly