Sebastian International Enterprises, Inc.

On August 20, 1999, the SEC obtained temporary restraining orders, asset freezes, and other emergency relief against Sebastian International Enterprises, Inc., and its principals, Ferdinand and Jan Sebastian, in connection with a Ponzi scheme. The SEC alleged that the defendants raised over $20 million from more than 500 investors nationwide, purportedly through the fraudulent sale of unregistered promissory notes and limited liability partnerships. For more information about the SEC's action, you can read Litigation Release Nos.16257 (August 20, 1999),16572 (May 31, 2000), and 16573 (May 31, 2000).

The Court appointed Lynn Cole as receiver to collect the assets and to distribute them to investors. The receiver has set up a website for investors that provides information about the litigation, including reports filed by the receiver and letters to investors.

http://www.sec.gov/divisions/enforce/claims/sebast.htm