Mark Feathers Coverage
July 13, 2012
Wife, Children on SB Capital Payroll. SEC to
Liquidate. First Mention of FBI Involvement
After a whirlwind two weeks we now know SB Capital's fate. It will be shuttered
by the SEC and liquidated.
Former President, Mark Feathers, signed the paperwork July 10th for a receiver
to take control -- without legal counsel representation.
In an email to the Coleman Report he wrote, "Under the threat by SEC of non-stop
depositions to myself and family members up through July 10th (the court date to
review a "temporary" vs. "permanent" injunction), as well as indirectly
communicated messages of FBI involvement if I was not cooperative, I was placed
in an untenable position of signing the permanent injunction for a receivership
of my company and funds, which is not what I had wished for, as it was clearly
not in the best interests of my company and my funds investors, which I hope to
demonstrate through the facts of the lawsuit."
We close with this paragraph that Feathers send to his investor base regarding
allegations of excessive compensation by the SEC.
"You may shortly see some misleading information from SEC or the receiver about
a "$100,000 cashiers check". When informed that our fund accounts had been put
into receivership, I did indeed process by phone a request for a check from my
BUSINESS account. I had no idea that my personal and business accounts were also
frozen. As the SEC and the receiver have positioned this, though, it makes it
look like it was a "grab". This was not the case. Most of my net worth is tied
up in the business, and it was necessary for me try to obtain enough liquidity
for what I thought would be my family's living needs for some period. I hope
that you understand. Additionally, my twins were in fact on payroll (at low
amounts of income) of SB Capital, like many family owned small businesses. My
wife left her banking job paying $250,000 eighteen months ago, because we were
so busy. Her new pay, for the record, was just slightly above 1/3 what she was
receiving at banks. It was necessary to engage some level of child case, at
affordable amounts to SB Capital, s well, for her to be able to provide the high
level services that her experience brought to the business."
Feathers Email to his Investors July 13, 2012
3rd Email to the Coleman Report Responding to SEC Charges July 13, 2012
Feathers Defense to SEC Charges
July 9, 2012
the Second Email Response from Mark Feathers of SB Capital July 3, 2012
the First Email Response from Mark Feathers of SB Capital July 2, 2012
Read the court order here
Read the 32 page SEC Complaint here