Three officials of a Miami Beach-based company are accused of using the names of familiar, but bankrupt retail chains to defraud investors out of nearly $112 million.

In a complaint filed in U.S. District Court in Miami, the Securities and Exchange Commission on Thursday charged co-founders of Retail Ecommerce Ventures LLC with carrying out fraudulent securities offerings, misusing investor funds and making Ponzi-like payments to investors.

According to the SEC complaint , the company’s primary business was to purchase distressed but recognizable retail companies and convert them into online-only operations.

Hundreds of investors put up approximately $112 million thinking they were funding a return to the marketplace of eight companies with updated names, the SEC said. Those companies

See Full Page