Superior Opportunities, Inc.

On January 14, 2004, the SEC filed an emergency federal civil action seeking to freeze the assets of Superior Opportunities, Inc., J.F. Simms & Co., LLC, and Jon F. Simms in connection with a fraudulent securities offering. The SEC also named in the civil action William J. Hickey and Sean A. Osborne, the principals of Superior. The SEC alleged the defendants raised approximately $7.8 million from about 200 investors to fund a business that purportedly bought credit card debt and receivables. In raising this money, the complaint alleged the defendants falsely stated all investor principal would be used to buy debt and receivables, the investment was low risk, and returns could exceed 36 percent. According to the complaint, J.F. Simms and Jon Simms misappropriated $1.4 million of investors’ funds. All of the defendants have received permanent injunctions. For more information about the SEC’s action, you can read Litigation Release Nos. 18545 and 18937.

The Court appointed Mary Earnest, Esq., as Receiver over the funds. Ms. Earnest has collected $325,082 from J.F. Simms & Co. LLC, Jon Simms and Superior Opportunities. The Court has approved the proposed plan of distribution and the Receiver will be disbursing funds shortly.

http://www.sec.gov/divisions/enforce/claims/superioropportunities.htm