The Kansas Securities Commission has issued a cease and desist order naming Wichita’s Real Development and its principals, Michael Elzufon and David Lundberg. Following is the commission’s press release.
WICHITA, Kan. — Kansas Securities Commissioner Aaron Jack announced that on November 7, 2012, an administrative Cease and Desist Order was issued against: Hybrid Asset Management, LLC; Sutton MN, LLC; Real Development Corp.; Churchill Capital Strategies, Inc.; Jeffrey Williams; Mark Nordyke; Sherrilynn L. Frierson; Gordon Schultz; Michael Elzufon and David Lundberg.
The Cease and Desist Order alleges that those entities and individuals violated the Kansas Uniform Securities Act by attempting to deliver interests in fraudulent life settlement policies (also known as viatical settlements) to a Topeka bank and other unknown investors.
More from the Wichita Eagle at Real Development named in cease-and-desist order from state securities commissioner.