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Less than 6 million shares bought in a month @0.000001 is $6.00!
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The Securities and Exchange Commission announced today the entry of final judgments against Nicole Birch, former CEO of crowdfunding issuer, Transatlantic Real Estate, LLC, SEC-registered crowdfunding portal, TruCrowd, Inc., and its CEO, Vincent Petrescu.
The SEC's complaint, filed on September 20, 2021 in the United States District Court for the Eastern District of Michigan, alleged that Shumake, alongside Birch, conducted a fraudulent and unregistered crowdfunding offering through Transatlantic Real Estate, a cannabis company. The complaint also alleged that Shumake and Birch raised $1,020,100 from retail investors through Transatlantic Real Estate. According to the complaint, Shumake, with assistance from Birch, hid his involvement in the offering from the public out of concern that his prior criminal conviction could deter prospective investors. Shumake and Birch allegedly diverted investor funds for personal use rather than using the funds for the purposes disclosed to investors. TruCrowd, and its CEO, Petrescu, allegedly hosted the Transatlantic Real Estate offering on TruCrowd's platform and hosted a crowdfunding offering for 420 Real Estate, LLC, a hemp company affiliated with Shumake and Willard Jackson. The complaint further alleged that Petrescu failed to address red flags including Shumake's criminal history and involvement in the crowdfunding offerings, and otherwise failed to reduce the risk of fraud to investors.
Without admitting or denying the allegations of the complaint, Birch consented to the entry of the judgment permanently enjoining her from violating the registration provisions of Section 5 of the Securities Act of 1933 and the antifraud provisions of Section 17(a) of the Securities Act and Sections 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Petrescu and TruCrowd, without admitting or denying the allegations in the complaint, consented to the entry of the judgments permanently enjoining them from violating the crowdfunding rules of Section 4A(a)(5) of the Securities Act and Rule 301(c)(2) thereunder. The judgments order: (i) civil penalties of $200,000, $9,700, and $97,500 against Birch, Petrescu, and TruCrowd, respectively; (2) disgorgement including prejudgment interest of $600,712 against Birch and $129,380 against TruCrowd; and (3) an officer and director bar against Birch.
In separate proceedings, based on the entry of their consent judgments, Birch and Petrescu also agreed to SEC orders entered on December 30, 2021. Birch was permanently suspended from appearing and practicing before the SEC as an attorney. The order prohibits Birch from representing clients in SEC matters, including investigations, litigation, or examinations, and from advising clients about SEC filing obligations or content. Petrescu was suspended from appearing and practicing before the SEC as an accountant, which includes not participating in the financial reporting or audits of public companies. The order permits Petrescu to apply for reinstatement after three years.
The SEC's litigation against Shumake, Jackson, and 420 Real Estate continues.
The Securities and Exchange Commission announced today that, on January 28, 2022, the Court in SEC v. Shumake, et al, entered bifurcated judgments against crowdfunding issuer, 420 Real Estate, LLC, and its CEO, Willard Jackson.
The SEC's complaint, filed on September 20, 2021 in the United States District Court for the Eastern District of Michigan, alleged that Shumake, alongside Jackson, conducted a fraudulent and unregistered crowdfunding offering through 420 Real Estate, a hemp company, on TruCrowd, Inc., a registered crowdfunding portal. The complaint also alleged that Shumake and Jackson raised $888,180 from retail investors through 420 Real Estate. According to the complaint, Shumake, with assistance from Jackson, hid his involvement in the offering from the public out of concern that his prior criminal conviction could deter prospective investors. In addition, Shumake and Jackson allegedly diverted investor funds for personal use rather than using the funds for the purposes disclosed to investors.
Without admitting or denying the allegations of the complaint, Jackson and 420 Real Estate consented to the entry of bifurcated judgments permanently enjoining them from violating the registration provisions of Section 5 of the Securities Act of 1933 and the antifraud provisions of Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Jackson also consented to the entry of an officer and director bar. The Court will determine monetary relief at a later date.
The SEC previously obtained final judgments against Defendants TruCrowd, Vicent Petrescu, and Nicole Birch. The SEC's litigation continues.
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 91182 / February 22, 2021
The Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934, of trading in the securities of Bangi, Inc. (BNGI) (CIK No. 0001327238), a defaulted Nevada corporation based in Grosse Pointe Farms, Michigan at 9:30 a.m. EST on February 23, 2021 and terminating at 11:59 p.m. EST on March 8, 2021.
The Commission temporarily suspended trading in the securities of BNGI because of questions regarding the accuracy and adequacy of information about BNGI and its securities in the marketplace concerning, among other things, BNGI's activities, and potentially fraudulent trading activity affecting the market for its securities, including: (a) since at least mid-January 2021, certain social media accounts may be engaged in a coordinated attempt to artificially influence BNGI's share price; and (b) BNGI's share price and trading volume have greatly increased since at least mid-January 2021 in the absence of any publicly available news from BNGI.
The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.
Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not it has complied with the rule, it should not enter any quotation but immediately contact the staff in the Division of Trading and Markets, Office of Interpretation and Guidance, at (202) 551-5777. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, it should refrain from entering quotations relating to BNGI securities until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.
If any broker-dealer or other person has any information that may relate to this matter, they should immediately contact Ana D. Petrovic, Assistant Regional Director, at (312) 886-8176. The Commission appreciates the assistance of the Financial Industry Regulatory Authority.
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