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SEC Charges Six Microcap Companies, Four Officers

By Michael MacPhail, Esq.

On August 6, the SEC filed two separate complaints in the U.S. District Court for the Central District of California against six microcap companies, four officers and four sham consultants for engaging in unregistered public offerings that dumped billions of shares on the market through so-called employee stock option and consulting programs.   NW Tech, AAC, Winsted Holdings, Zann Corp., and Global Materials have agreed to settle the charges, without admitting or denying the allegations in the complaints, by consenting to the entry of final judgments permanently enjoining them from future violations of the registration provisions and, with respect to Global Materials, the antifraud provisions and ordering them to pay disgorgement plus prejudgment interest with waiver based on inability to pay...continue to full post

Full post as published by NASD, SEC and Regulatory Defense Blog on August 08, 2008 (boomark / email).