Who: Plaintiff: Securities and
Exchange Commission
Defendants: Bridge Premium Finance, LLC (f/k/a Berjac
of Colorado, LLC); Michael Turnock; and William P. Sullivan, II
What: This complaint arises from an alleged
Ponzi scheme involving the fraudulent sale of promissory notes,
marketed as investments in defendants' premium financing
business. According to the complaint, "[d]efendants raised
money from promissory note investors purportedly to provide capital
for BPF [Bridge Premium Finance]'s insurance premium financing
business – that is, making short-term loans to businesses
to enable them to pay their annual commercial insurance
premiums." The complaint further alleges that
"[d]efendants portrayed the promissory note investments as
safe, conservative investments comparable to money market accounts
and certificates of deposit, but offering higher rates of interest,
up to 12 percent annually." According to the complaint,
however, BPF was actually "operated as a
