SAN FRANCISCO (MarketWatch) -- The Securities and Exchange Commission on Thursday charged three executives of Inofin Inc., a subprime auto loan provider based in Massachusetts, with misleading investors and diverting at least $110 million for personal use. The SEC alleges that Michael Cuomo, Kevin Mann, and Melissa George illegally raised funds through the sale of unregistered notes. Investors were told that the money would be solely used to fund subprime auto loans and that they could expect to receive returns of 9% to 15%. Instead, Cuomo and Mann used a portion of the funds to open four used car dealerships and start several real estate property developments.