In August 2010, federal prosecutors for the United States Securities and Exchange Commission successfully prosecuted Elvira Gamboa in a civil securities fraud action involving her Pearl Asian Mining in San Mateo County, CA. The federal judge in San Francisco ordered a lifetime ban on her selling securities or operating as Pearl Asian Mining. At the same time, David Korem was arrested by the FBI in Santa Clara County, CA for securities fraud involving Pearl Asian Mining. He was extradited to Florida where he received his fourth felony conviction. The arrest was part of Operation Broken Trust, which United States Attorney General Eric Holder announced as being the largest multi-agency fraud bust in US history.
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