Guilty of illegal distribution, the scoop $ 127 000 in fines
February 22, 2012 | In: Investment News
Guilty of 32 violations of the Securities Act, an individual would have cost $ 120 000 to 19 investors with another acolyte is imposed $ 127 000 in fines.
Sebouh Melkonian and pleads guilty of having made illegal distributions, of illegally acting as a securities dealer and making false and misleading representations.
“In 2008, Melkonian and Sam Grinfeld Sebouh, which will come to trial Feb. 27, 2012, allegedly approached a company of the Laval region in search of capital to ensure its future. They have been designed to collect a sum of 700,000 U.S. dollars of public investment through the U.S. stock market “Pink Sheets”. Investors have reportedly been approached to buy shares in this company Laval, “we read in the statement of the MFA.
In addition to the loss of investors, these actions have contributed to the bankruptcy of the company who wanted to raise capital for its development in December 2008.
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