The SEC filed charges against a San Jose firm.
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Furniture USA Inc., its television pitchman and owner Ed Barbara, his son and 20 others were charged with securities fraud in the complaint, which was filed with the U.S. District Court. The SEC complaint said Maurice (Ed) Barbara, his son, Robert, a group of brokers, lawyers, two public companies and a broadcast investment adviser fraudulently distributed unregistered stock in two former shell companies, Dynapac Inc. of Santa Clara, Calif., and Sedona Corp. of Sedona, Ariz. The SEC traced the complicated promotion of Dynapac and Sedona from two inactive shells to companies with soaring stock values.
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