Sherbourne Capital Management, Ltd., Sherbourne Financial, Ltd., Paul G. Bultmeyer, and Arthur J. Piacentini
     

On May 14, 2009, the Securities and Exchange Commission filed an emergency civil injunctive action in the United States District Court for the District of New Jersey charging two investment firms and their two owner-managers with securities fraud. The Commission alleged that Paul G. Bultmeyer, Arthur J. Piacentini, Sherbourne Capital Management, Ltd. and Sherbourne Financial, Ltd. orchestrated an offering fraud in connection with the sale of "Prime Certificates of Participation." The Honorable Jose L. Linares, United States District Judge of the District of New Jersey, granted the Commission's application for emergency relief and, among other things, froze the assets of the defendants and appointed a receiver over Sherbourne Capital, Sherbourne Financial, and Relief Defendant Ameripay, LLC.
     

http://www.sec.gov/litigation/litreleases/2009/lr21038.htm