Valley man ordered by SEC to repay $1.1M in Chinese bond sale case

Justice Scales and books and wooden gavel
Posted at 7:52 AM, Oct 14, 2019
and last updated 2019-10-14 10:52:29-04

PARADISE VALLEY, AZ — The U.S. Securities and Exchange Commission has reached a settlement with a Valley man related to his connection to allegations over the fraudulent offer and sale of more than $1.1 million in defaulted Chinese bonds to two investors.

The settlement was reached with Gary Pryor, 59, of Paradise Valley and his shell company, The Pinnacle Companies LLC. Pryor was the CEO of Pinnacle.

According to the SEC's Sept. 27 settlement order, since 2015 Pryor was a senior adviser to the American Bondholders Foundation LLC, or ABF, a Delaware company based in Tennessee that specializes in the collection of long-defaulted bonds issued by the Republic of China between 1912-1942.

Pryor's role, the documents show, was raising funds from outside investors. According to the SEC's order, ABF used investor funds to lobby the U.S. government to purchase the defaulted Chinese bonds.

Click here for the full story from the Phoenix Business Journal.