SEC Charges Media Company and Its CEO with Defrauding Investors

The Securities and Exchange Commission announced today that it filed charges against Icaro Media Group, Inc. (“Icaro”) and its CEO, Paul H. Feller (“Feller”), for allegedly engaging in a multimillion-dollar offering fraud.

According to the SEC’s complaint, from approximately 2017 to 2021, Feller and Icaro, a privately owned media technology company, raised more than $22 million from at least 38 investors by making fraudulent misrepresentations about Icaro’s business partnerships with two multinational telecommunication companies (“Telcos”). The complaint alleges that Feller repeatedly told investors that Icaro was either about to launch, or had already launched, digital platforms and mobile phone applications with the Telcos, projecting millions of dollars in imminent revenue streams from those business partnerships. In reality, Icaro had not launched and was not poised to launch any such products. The complaint further alleges that Feller falsely told investors that high-profile business leaders were coming in as strategic investors.

Source: SEC Charges Media Company and Its CEO with Defrauding Investors