Our sister site, MagnoliaVoice, is reporting that a couple from our next door neighborhood have been charged with running a ponzi scheme by the Washington Department of Financial Institutions (DFI), and are facing up to a $25,000 fine for violation of the Securities Act of Washington.
James H. Liddell and Leslie Collins (charging documents here), a married couple who live in Magnolia, are charged with raising in excess of $3,750,000 through the sale of promissory notes to eight investors through their business Payright Merchant Services. The investors included business acquaintances of Liddell and Collins, parents of their children’s classmates, and friends of investors.
Get the full story at MagnoliaVoice.