Tag Archives: SEC

SEC Announces Agenda and Panelists for the 37th Annual Small Business Forum

  Last Friday, The Securities and Exchange Commission announced the agenda and panelists for the 2018 Government-Business Forum on Small Business Capital Formation. The December 12 event will begin at 9 a.m. ET with opening remarks from the SEC Chairman and Commissioners followed by two morning panel discussions. The first panel will explore how capital formation options are working for

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Toxic Note Fight Taken To Federal Appeals Court In New York

Sponsored Yesterday, The Basile Law Firm P.C. announced that its’ client, 5BARz International Inc., (OTC: BARZ) filed a motion in the United States Circuit Court of Appeals for the Second Circuit to certify questions of law to the New York Court of Appeals requesting that several issues of unsettled state usury law be put in front of the New York

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Floyd Mayweather And DJ Khaled Charged With Unlawfully Touting Coin Offerings

Yesterday, The Securities and Exchange Commission announced settled charges against professional boxer Floyd Mayweather Jr. and music producer Khaled Khaled, known as DJ Khaled, for failing to disclose payments they received for promoting investments in Initial Coin Offerings (ICOs). These are the SEC’s first cases to charge touting violations involving ICOs. The SEC’s orders found that Mayweather failed to disclose

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SEC Charges Self-Described Stock Promoter With Microcap Market Manipulation Scheme

Yesterday, The Securities and Exchange Commission charged a self-described penny stock promoter and an entity he controlled with orchestrating a scheme to manipulate trading in at least 97 microcap stocks. According to the SEC’s complaint, Eric Landis of Charlottesville, Virginia, falsely claimed to third-party media buyers for microcap companies that he would distribute promotional materials for the stocks via email

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SEC Obtains Preliminary Injunction in International Microcap Fraud Scheme

The Securities and Exchange Commission has obtained a preliminary injunction and continued asset freeze against two individuals and their companies involved in a scheme that generated more than $165 million of illegal sales of stock in at least 50 microcap companies. The court originally entered a temporary restraining order and asset freeze on October 2, 2018. The preliminary injunction and

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Court Enters Final Judgment in Microcap Fraud Case

On October 10, 2018, a U.S. District Court for the Eastern District of New York entered a final judgment on consent against Philip Kueber, who was charged with orchestrating a fraudulent investment scheme using microcap issuer Cynk Technology Corp. The SEC’s complaint, filed July 31, 2015, alleged that Kueber concealed his control of Cynk and its purportedly non-restricted shares through

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Orchestrator of Microcap Fraud Scheme Barred from Penny Stock Offerings

This week, the orchestrator of a microcap fraud scheme who defrauded investors by directing the issuance of false press releases about the microcap company’s prospects and hiding his secret control of the company has been barred by a federal court from participating in penny stock offerings and ordered to pay an $80,000 penalty. In October 2017, the SEC charged John

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SEC Obtains Permanent Injunction Against CEO in Penny Stock Fraud Scheme

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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MicroCap CEO Sentenced To 9 Months In Prison for Stock Manipulation Scheme

On Tuesday, the CEO of a microcap company that claimed to own valuable patented drug delivery technology was sentenced in federal court in Boston in connection with a scheme to manipulate the market for his company’s publicly traded stock. Learned Jeremiah Hand, 59, of Durham, N.C., was sentenced by U.S. District Court Chief Judge Patti B. Saris to nine months

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Semiannual Reporting Would Benefit SmallCap Companies the Most

A recent Wall Street Journal article by Tatyana Shumsky discusses how a “Move to Semiannual Reporting Would Benefit Small Companies the Most.” Last month, President Trump asked federal regulators to look into changing quarterly reporting requirements for public companies to semiannual requirements. In a mid August, President Trump tweeted “In speaking with some of the world’s top business leaders, I asked what

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