SEC Charges Executives at Clean Coal Technology Company for Misstatements to Investors
By Mark H. Astarita, Esq.
The SEC charged the former CEO and CFO at a Minnesota-based clean coal technology company for making false and misleading statements to investors. The SEC separately charged a network of brokers who sold the company?s securities without being registered with the SEC to do so. Bixby Energy Systems raised at least $43 million from more than 1,800 investors through a series of purported private placement offerings of stocks, warrants, and promissory notes during a nine-year period. The company used this capital raising activity to help fund operations, pay salaries, and pay commissions to brokers that sold Bixby securities. The SEC alleges that Bixby?s former CEO and former CFO made repeated misstatements both verbally and in writing to investors about the company?s core product ? a machine that supposedly produced synthetic natural gas through a proprietary clean coal technology...continue to full post
SEC Settles Fraud Charges with Biovail The SEC charged Canadian pharmaceutical company Biovail Corporation and its former CEO, former CFO, and two current senior executives with engaging in a number of fraudulent accounting schemes and making a series of misstatements to analysts and investors...