A Lubbock businessman is facing serious allegations and a civil lawsuit from the US Securities and Exchange Commission, after losing millions of investors' dollars. Benny Judah owns Excel Lease Fund Incorporated and is officially accused of collecting $40 million dollars from investors through misleading tactics and misrepresentation of investment values.
The SEC says he then used the money to pay loans to other companies he owed. He also allegedly used millions in investor proceeds to fund his day trading habit and reportedly lost 5 million dollars in the process. The SEC has frozen his assets and prohibited him from any future dealings with investors.