A complaint to the SEC would have to be specific as to exactly
what securities regulations they are alleged to be in violation of.
To my knowledge and experience, Hedge Funds usually win their case in court as the company agreed to the terms of repayment of what is basically a loan.
Furthermore, despite his rhetoric I seriously doubt that George Alvarez, Family and Friends wants to be investigated by the SEC
nor would Tobin Smith and his crew.
Velatel - formerly ChinaTel - was a house of cards that finally collapsed under the weight of it's BS as most scams eventually do.