Business

SEC sues Lexington-based firm Plasticon International

The U.S. Securities and Exchange Commission this week filed a civil injuction suit against James N. Turek and Lexington-based Plasticon International, Inc., alleging they defrauded investors.

Between January 2005 and April 2007, Plasticon allegedly raised between $8.2 million and $11.2 million "through an unregistered securities offering" involving at least 30 investors, the SEC said.

The group claims Turek used at least $2.8 million of the money not for Plasticon but instead for personal matters.

The complaint also named three groups owned or controlled by Turek — LexReal Co. LLC, Promotional Containers, Inc., and TelcoBlue, Inc. — that weren't part of the alleged fraud but received proceeds from it.

Turek could not be reached for comment.

According to past statements, Plasticon, among other things, "designs, produces, and distributes high-quality concrete accessories."

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