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Judge freezes assets of O.C. company accused in $53-million Ponzi scheme

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The Securities and Exchange Commission has obtained a court order freezing the assets of an Anaheim Hills-based company it alleged was operating a $53-million Ponzi scheme, the commission disclosed Thursday.

The SEC alleged that Matthew Jennings, 39, of Yorba Linda, offered investors short-term returns of more than 100% and had used new investor deposits to pay returns to earlier investors. He operated several companies with the Westmoore brand name, including Westmoore Management LLC and Westmoore Investment LP.

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‘Jennings lied to investors about the purpose of Westmoore’s offerings,’ said Rosalind Tyson, director of the SEC’s Los Angeles regional office. ‘He lured investors through the false promise of a lucrative payday while concealing his complex fraud behind a web of companies and bank accounts.’

Jennings could not be reached for comment.

Acting at the request of the SEC, U.S. District Judge Andrew J. Guilford signed an order Wednesdaythat froze Jennings’ assets and those of his companies. The judge scheduled a June 24 hearing to determine whether a receiver should be put in charge of the assets.

-- Stuart Pfeifer

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