Spokane Valley Man Accused Of Scam - Spokane, North Idaho News & Weather KHQ.com

Spokane Valley Man Accused Of Scam

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SPOKANE, Wash. (AP) - Federal officials are accusing a Spokane Valley man of running an investment scam that preyed on the patriotic spirit of investors. 

The U.S. Securities and Exchange Commission filed a complaint in federal court in Spokane on Thursday. 

The complaint accused Daniel F. Peterson of an elaborate ruse that hooked at least 21 investors for more than $400,000, money he spent on vacations, a vehicle, gifts for his wife, and gambling trips to Las Vegas. 

The Spokesman-Review says Peterson told investors that his USA Real Estate Fund 1 Inc. products were backed by Wall Street firms and made possible by the 2012 JOBS Act designed to help American companies. The SEC said those claims were false and the agency wants Peterson to return the investors' money and pay legal fines.

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