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FORT WORTH, Texas (AP) - The Securities and Exchange Commission has sued a Texas-based fund, claiming it fraudulently collected $13.8 million from Christian ministries and nonprofit groups since June 2004. A federal judge has agreed to freeze the fund's assets.
The SEC filed an emergency action to freeze the assets and halt activity of Megafund Corp., which it charged is "completely bogus."
The lawsuit was filed July 1 in federal district court in Dallas. It named Flower Mound-based Megafund and its chief executive, Stanley A. Leitner, 66; Bradley C. Stark, 30, of Riverside, Calif., owner of Sardaukar Holdings IBC, a British Virgin Islands company that the SEC said conspired with Leitner; Stark's wife, Pamela C. Stark; and CIG Ltd.
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