Tag Archives: Penny Stock Fraud

SEC Charges Texas Oil-And-Gas NanoCap Company and Its Former CEO in Penny Stock Fraud

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On March 19, 2019, the Securities and Exchange Commission charged a Texas-based oil-and-gas penny stock company and its former CEO with fraudulently concealing the loss of the company’s major source of revenue. According to the complaint, in mid-2017, Cardinal Energy Group, Inc. (“Cardinal”), based in Dallas, Texas, lost control of its interest in two oil-and-gas leases that accounted for nearly

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SEC Obtains Permanent Injunction Against CEO in Penny Stock Fraud Scheme

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Last week, the Securities and Exchange Commission obtained a final judgment against the former CEO of a penny stock company, whom the SEC charged with making false and misleading statements in the company’s SEC filings and press releases and with manipulating the company’s stock. The SEC alleged that Andrew J. Kandalepas, the former CEO of Wellness Center USA, Inc., took

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