Litigation Releases (American Equities, Inc., American Eagle Mortgage Management, LLC, Ross C. Miles, and Maureen T. Wile)

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26225 / January 17, 2025

Securities and Exchange Commission v. American Equities, Inc., American Eagle Mortgage Management, LLC, Ross C. Miles, and Maureen T. Wile

, No. 3:22-cv-00621-SB (D. Or. filed Apr. 27, 2022)

SEC Obtains Final Judgments Against Washington State-Based Real Estate Investment Fund Managers That Defrauded Investors for More Than a Decade

On January 15, 2025, the U.S. District Court for the District of Oregon entered final consent judgements against defendants Ross C. Miles, Maureen T. Wile, American Equities, Inc., and American Eagle Mortgage Management, LLC. The entry of the final consent judgments resolves all claims arising out of the SEC's complaint, filed on April 27, 2022, which alleged that the defendants defrauded investors when they raised approximately $15.5 million in 15 private investment funds from 2007 to 2018.

The SEC's complaint charged Miles, Wile, American Equities, and American Eagle Mortgage Management with violations of Section 17(a) of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The defendants previously consented to judgments permanently enjoining them from violating the antifraud provisions of the federal securities laws described above, and Miles and Wile further consented to be barred from serving as an officer or director of any public company. The district court entered judgments imposing these remedies on April 28, 2022.

On January 15, 2025, the district court entered final judgments ordering Miles, American Equities, and American Eagle Mortgage Management to pay, jointly and severally, disgorgement of $1,876,115.22 plus prejudgment interest of $1,146,307.10, and a $230,464 civil penalty. Additionally, Wile was ordered to pay disgorgement of $30,299 plus prejudgment interest of $21,778.46, and a $80,000 civil penalty.

The SEC's litigation was led by Brent Smyth, Robert J. Durham Jr., and Kashya K. Shei of the San Francisco Regional Office, with assistance from Crystal F. Boodoo of the Philadelphia Regional Office.