Monday, March 30, 2009

Nevada Exec Charged With Fraud & Embezzlement

Nikki Pomeroy, an officer of Henderson, Nevada-based Southwest Exchange, purported to be a tax-free real estate exchange business, has been charged with fraud and embezzlement. Pomeroy, the daughter of the now defunct company's chairman Donald McGhan, pictured here, is charged with 11 counts of embezzlement and 11 counts of "unlawful intermediary in a tax-free exchange," and alleged to have bilked investors out of $95 million. Donald and Shirley McGhan have also been embroiled in the case which is described as a ponzi scheme.

Read the story here, here and here.

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