SB Capital's SEC Receivership Hearing Set For Tuesday

Since the 'Ponzi"-scheme allegations against SB Capital and Mark Feathers by the SEC, twenty people have been laid off, computer hard drives have been seized, and accounts have been frozen. The last payroll checks to SB Capital employees were delivered yesterday. A hearing has been set for SB Capital on Tuesday, July 10th, and Feathers will be representing himself without a lawyer.

"The SEC has made allegations against me of a serious nature, which are not accurate or truthful," Feathers said in an email to District Court for the Northern District of California, "I would like to be prepared to respond to their lawsuit, strictly on a brief, point by point basis to what they are alleging in their filing. I think that the further this matter goes out, the more damages that I, my fund, and my fund's investors suffer."

We will have all the latest updates from the hearing and beyond.