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"<p></p>SAN FRANCISCO \u2013 A federal agency has filed suit against a New Jersey man and other parties alleging that they unlawfully orchestrated a Ponzi-like scheme.<br><br>The Securities and Exchange Commission \nfiled a complaint on March 22 in the U.S. District Court for the Northern District of California against \n\n John V. Bivona; Saddle River Advisors LLC; SRA Management Associates LLC; Frank Gregory Mazzola; SRA I LLC; SRA II LLC; SRA III LLC; Felix Investments LLC; Michelle J. Mazzola; Anne Bivona; Clear Sailing Group IV LLC; and Clear Sailing Group V LLC, citing fraud in the purchase or sale of securities.<br><br><p>According to the complaint, the plaintiff alleges that Bivona and the defendants allegedly plotted a scheme to lure investors to invest in the SRA funds for specific pre-IPO companies, when he allegedly used the funds to purchase shares promised to previous invested for other unrelated funds. The suit states Bivona also used $5.7 million of the&nbsp; SRA funds for personal expenses.<br></p><p>The plaintiff seeks the following: order a restraining order and enjoining the defendants from soliciting any person or entity to purchase or sell securities, an order freezing assets and any other relief as the court deems proper. It is represented by Jina L. Choi, Erin E. Schneider, Jeremy E. Pendrey, John S. Yun, Marc D. Katz and Jessica W. Chan of the Securities Exchange Commission in San Francisco.</p><p><i>U.S. District Court for the Northern District of California Case number 3:16-cv-01386-EMC</i></p><p></p>"^^<http://www.w3.org/2001/XMLSchema#string>
<http://norcalrecord.com/stories/510703252-sec-alleges-companies-employees-engaged-in-fraud>