Monday, Aug. 29, 2005 | 11:01 a.m.
The Securities and Exchange Commission said it has received a temporary restraining order freezing the assets and halting the investment sales of Par Three Financial Inc. and its principal Melvin D. Ruth.
Par Three, a Nevada corporation with an office at 101 Convention Center Drive, also was ordered by the California Department of Corporations to stop soliciting investors in that state.
The SEC's complaint was filed in U.S. District Court in Miami, near the company's office in Boca Raton, Fla. The same complaint said that Par Three had raised more than $8 million from more than 120 investors nationwide. While the company promised monthly returns of at least 2 percent through loans to payday lending stores, the complaint said the investments were misappropriated.
The SEC accuses the company of buying land in Florida, a yacht, jewelry and luxury automobiles.
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