Update on MicroCap CEO Charged with Scheme To Disguise Nature of Company Financing
On Friday, the SEC announced that is has obtained a final consent judgment against the CEO of Arista Power, Inc. (OTC: ASPW), whom the agency charged earlier this year with engaging in a scheme to disguise the nature of the public company’s financing amid financial difficulties.
The final judgment, entered on August 15, 2017 by the Honorable Gregory H. Woods of the U.S. District Court for the Southern District of New York, orders William A. Schmitz, the former Chief Executive Officer of Arista Power, Inc., to pay a civil penalty of $80,000 and imposes three-year officer-and-director and penny-stock bars.
The SEC’s litigation, which is led by Jack Kaufman and Howard Kim, is continuing.
Learn more HERE.