The Securities and Exchange Commission announced fraud charges and an emergency asset freeze against a Denver-based company and two Colorado residents for allegedly carrying out a $15.7 million Ponzi scheme that dragged in more than 120 investors nationwide.

The commisson alleges that Michael J. Turnock and William P. Sullivan II sold promissory notes to investors with the promise of annual returns of up to 12 percent, but actually paid the returns with funds from other investors.

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