1manband Friday, July 26, 2024 3:09:06 PM Post# of 37070
SEC Charges Ex-CEO of View Systems, Inc. with Securities Fraud for Falsely Claiming the Company Was Engaged in Business Operations that It Was Not
Securities and Exchange Commission v. Juan [a/k/a John] Campo, No. 1:24-CV-2198 (D.D.C. filed July 26, 2024)
https://www.sec.gov/files/litigation/complaints/2024/comp26058.pdf
On July 26, 2024, the Securities and Exchange Commission charged Colombian resident Juan Campo, the former CEO of View Systems, Inc., with securities fraud for creating the false impression that View Systems was actively engaged in two potentially lucrative lines of business, temperature screening for Covid-19 and cannabis, and for including a fake audit report in a View Systems SEC filing.
The SEC’s complaint, filed in the U.S. District Court for the District of Columbia, alleges that from July 2019 through July 2022, Campo made and disseminated numerous false statements in View Systems press releases, the company’s Twitter account, company filings with the SEC, and on the company’s website. As alleged in the complaint, Campo falsely and repeatedly represented that View Systems had acquired Sannabis S.A.S., a cannabis company, when Campo knew that View Systems had never completed this acquisition. The complaint also alleges that in late 2020—during the height of the COVID-19 pandemic—Campo falsely represented that View Systems had developed a real time temperature screening product, when Campo knew View Systems had no such device, and could not build one unless it raised additional capital. In addition, the complaint alleges that in July 2022, Campo signed and certified View Systems’ 2020 annual report which falsely represented the company’s financial statements had been audited and included a fake audit report.
The SEC’s complaint charges Campo with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and the certification provision of Exchange Act Rule 13a-14. The complaint also charges Campo with aiding and abetting the company’s violations of the company reporting provisions, Exchange Act Section 13(a) and Rules 12b-20, 13a-1, and 13a-13 thereunder. The complaint seeks an injunction, an officer-and-director bar, a penny stock bar, and civil penalties against Campo.
The SEC’s investigation was conducted by Ashley Sprague and Sachin Verma, and supervised by Lisa Deitch, Peter Rosario, and Stacy Bogert. The case will be litigated by Devon Staren, and supervised by Christopher Bruckmann. The SEC appreciates the assistance of the Financial Industry Regulatory Authority.
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