Tag Archives: SEC

Martha Miller Delivers First Speech As SEC Advocate for Small Business Capital Formation

On March 20th, 2019, Martha Miller – SEC Advocate for Small Business Capital Formation delivered her first speech as the SEC’s new Advocate for Small Business Capital Formation. Full speech below… Martha Miller Advocate for Small Business Capital Formation Remarks at 1 Million Cups of Coffee, PlexPod in Kansas City, Missouri March 20, 2019 Thank you, Melissa [Miller] for that

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

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 Charges Nine Individuals and Companies for Roles in Microcap Scheme

On March 11, 2019, the Securities and Exchange Commission announced charges against nine individuals and companies in a multi-million dollar stock distribution and market manipulation scheme involving two microcap companies, NanoTech Entertainment, Inc. and NanoTech Gaming, Inc. The SEC’s complaint alleges that David R. Foley, the founder of the NanoTech companies, orchestrated a scheme to manipulate trading in their stock

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Two Defendants in SEC Enforcement Action Plead Guilty in Parallel Criminal Case to Charges of Securities Fraud and Lying to the SEC

A former employee of a Boston-based biotech company and a friend of the company’s CEO, whom the Securities and Exchange Commission have charged with stock manipulation and with making false statements and a scheme to defraud, have pleaded guilty in a parallel criminal case to charges of securities fraud and obstructing the SEC’s investigation. On September 7, 2018, Kenneth Stromsland,

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Two Defendants Charged with Lying to the SEC Sentenced in Microcap Fraud Case

A stock promoter and a former chairman of a Massachusetts-based medical diagnostics company previously called Endeavor Power Corp were sentenced in a federal court in Boston, Massachusetts in a related criminal case brought by the Massachusetts U.S. Attorney’s Office. The Securities and Exchange Commission previously charged all three defendants with a scheme to defraud potential investors in Endeavor’s publicly traded

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SEC Obtains Judgment Against Penny Stock Promoter

Last week, the SEC announced that they obtained a judgment against a penny stock promoter in connection with multiple pump-and-dump schemes. On November 17, 2014, the SEC charged Jay Fung and two others with orchestrating schemes to manipulate five penny stocks between November 2009 and September 2010. The complaint alleged that, as part of the manipulative scheme, Fung and the

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Billionaire Settles MicroCap Fraud Case With SEC

Last week, Dr. Philip Frost, a biotech billionaire, agreed to a proposed settlement with the SEC related to what the SEC called “lucrative market manipulation schemes” worth $27 million. According to a press release from OPKO Health, Inc. (NASDAQ: OPK), a public company that Dr. Frost serves as Chairman and CEO; “Dr. Frost agreed, without admitting or denying the SEC’s

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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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