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Background Information

Employment History

Portfolio Manager
Cascade Asset Management LLC

Portfolio Manager
Fraud

Portfolio Manager
IMS Capital Management Inc

Web References


Delistings, Withdrawals and Enforcement Proceedings

www.jefren.com [cached]

The claims against co-defendant Mark Sendo are pending.

The Commission's complaint alleges that, from at least December 1999 until March 2001, iMC and Sendo raised at least $440,500 through the sale of common stock to at least 23 investors.The complaint alleges that iMC and Sendo made false and misleading statements in business plans provided to potential investors.First, iMC falsely represented that various high profile figures in the Internet and "payment systems" industries had invested in iMC, served on iMC's Board of Directors or were a part of iMC's management team.Second, iMC's offering materials present a misleading portrayal of Sendo because they do not disclose that Sendo had previously pled guilty to federal criminal wire fraud charges and was enjoined in a related Commission enforcement action for his role in a securities fraud. [SEC v. Mark Sendo and Internet Money.com, Inc., Civ.Action No. 01-73698, USDC, E.D. Mich.] (LR-17427)
SEC CHARGES FORMER PORTFOLIO MANAGER WITH FRAUD
On March 21, the Commission sued a portfolio manager who was formerly associated with two Oregon investment adviser firms for defrauding his clients out of $500,000.
James Oh, age 35, of Springfield, Illinois, was charged with securities fraud and investment adviser fraud for misappropriating client funds while he was a portfolio manager at Cascade Asset Management Co., in Portland, Oregon, and IMS Capital Management Inc., in Clackamas, Oregon, from April 1999 to June 2000.
According to the complaint, filed today in United States District Court in Portland, Oregon, Oh falsely told clients about purported investment opportunities and then deposited the client funds into his personal bank accounts and used those funds for personal expenses.Oh used clients' funds to pay personal expenses such as mortgage and bank loan payments, credit card bills, golf club fees and dues, lease payments for three cars, wine, furniture, jewelry, and clothes.
Oh has agreed to be barred from any future association with an investment adviser.In addition, Oh, without admitting or denying the allegations of the Complaint, consented to the entry of a Final Judgment permanently enjoining him from violating the antifraud provisions of the federal securities laws, Section 17(a) of the Securities Act of 1933, Section 10(b) of the Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and (2) of the Advisers Act.Oh also consented to an order requiring him to pay disgorgement in the amount of $500,000, plus prejudgment interest, but waiving payment of disgorgement and prejudgment interest and not assessing civil penalties, based upon his sworn representations in his statement of financial condition.

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