Tag: False Statements

SEC Charges Advisory Firm Mass Ave Global and Co-Founder and CEO Winston Feng with False Statements and Undisclosed Conflicts

The Securities and Exchange Commission today instituted settled proceedings against formerly registered investment adviser Mass Ave Global Inc. (MassAve) and its co-founder and CEO Winston M. Feng for making false and misleading statements to investors in MassAve’s flagship opportunity fund. To settle the SEC’s charges, MassAve agreed to pay a civil penalty of $350,000, and Feng agreed to pay a…

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SEC Charges Former Alfi CEO Paul Pereira with Fraud for Making False Statements on Social Media

The Securities and Exchange Commission today charged Paul A. Pereira, the former CEO and co-founder of Alfi, Inc., with making materially false and misleading statements on social media about the company’s financial and performance metrics in an attempt to boost the now defunct company’s stock price. According to the SEC’s complaint, while serving as the CEO of Alfi, a Florida-based…

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SEC accuses ex-CEO of NewAge, which shot to pot-stock fame, of ‘multi-year fraud’ – MarketWatch

The Securities and Exchange Commission has filed charges against former NewAge Inc. Chief Executive Brent David Willis, accusing him of a “multi-year fraud” that included misleading public statements meant to promote the wellness-focused beverage maker that once hoped to take advantage of the nation’s CBD craze. The SEC alleged that Willis’ statements created the “illusion” that NewAge was a pioneer…

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SEC Charges Former Executives At Moviepass and Its Parent Company for Making False Statements to Investors and Falsifying Books and Records

According to the complaint, between August 2017 and at least March 2019, Farnsworth and Lowe intentionally and repeatedly made misstatements in HMNY Commission filings, press releases, and in the press that MoviePass could be profitable at its new, $9.95 per month subscription price; about HMNY’s purported data analytics capabilities; and concerning HMNY’s ability to fund MoviePass’s operations. As further alleged…

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