SEC Obtains Final Judgment Against Former CEO of Penny Stock Company
SEC Obtains Final Judgment Against Former CEO of Penny Stock Company
Yesterday, The Securities and Exchange Commission announced that it has obtained a final judgment against the former CEO of a penny stock company charged with making false claims in press releases and engaging in manipulative trading in company stock.
The final judgment, entered by consent on August 17, 2017 by the Honorable Jeffrey S. White of the U.S. District Court for the Northern District of California, permanently enjoins Adesh Kumar Tyagi, the former CEO, sole director, and majority shareholder of Systems America, Inc., subsequently renamed Cloudeeva, Inc., from violating Section 17(a) of the Securities Act of 1933, Sections 10(b), 13(d) and 16(a) of the Securities Exchange Act of 1934 and Exchange Act Rules 10b-5, 13b-1 and 16a-3 and imposes a conduct based injunction and officer-and-director and penny stock bars. In addition, the final judgment orders Tyagi to pay approximately $294,000 in disgorgement and interest.
The court’s entry of judgment against Tyagi resolves this litigation in its entirety.
Learn more HERE.