Accelera Innovations Inc. (ACNV)

[brunners]

https://www.sec.gov/litigation/litreleases/2017/lr23969.htm

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 23969 / October 19, 2017

Securities and Exchange Commission v. Accelera Innovations, Inc., et al., No. 17-cv-7052 (N.D. Ill. filed Sept. 29, 2017)

Securities and Exchange Commission v. John F. Wallin, No. 17-cv-7057 (N.D. Ill. filed Sept. 29, 2017)

SEC Files Fraud Charges Against Microcap Company and its Founder

The Securities and Exchange Commission has charged a microcap company and its founder with fraud for painting a misleading picture of the company's finances that deceived the investing public about its true financial condition as well as its technology.

The SEC's complaint, filed on September 29, 2016, alleges that Accelera Innovations Inc.'s public filings included the revenues of a separate company that it did not own or control and, as a result, Accelera improperly inflated its annual revenue by up to 90 percent. In addition, the complaint alleges that Accelera portrayed itself as a provider of software when, in reality, it was not providing software to anyone. Geoffrey Thompson, Accelera's founder, allegedly signed Accelera's annual reports. The complaint also alleges that Thompson, acting through Accelera and Synergistic Holdings LLC, sold approximately $1.7 million worth of Accelera stock to investors, and that the sale was not registered or subject to any exemption from registration.