Renewable Energy and Power Inc (RBNW)

[gimmee greenbacks]

UH OH ! READ THIS :

FOR IMMEDIATE RELEASE
2019-185
Washington D.C., Sept. 23, 2019 —
The Securities and Exchange Commission today announced new charges arising from a New York-based boiler-room scheme, alleging that Benjamin Conde orchestrated the manipulation of millions of shares of Renewable Energy and Power Inc. (RBNW), generating approximately $3.1 million in illegal proceeds.


The SEC alleges the fraudulent scheme began when Conde, a securities fraud recidivist, acquired large blocks of RBNW shares through convertible notes purchased from RBNW by Essex Global Investment Corp., an entity that Conde controlled. As alleged, from approximately March to July 2017, Conde paid a New York boiler room to promote RBNW stock to seniors and unsophisticated retail investors, fraudulently “pumping” the market price and trading volume of RBNW. According to the SEC’s complaint, Conde engaged in manipulative trading, including by coordinating trading on the opposite side of the boiler room victims through encrypted messaging, which further artificially raised RBNW’s market price. The SEC alleges that Conde sold more than eight million shares of RBNW, generating millions in illicit profits. Conde allegedly disguised the source of his payments to the boiler room by making payments to an intermediary pursuant to fabricated invoices.

The SEC’s complaint, filed in Central Islip, New York, charges Conde with market manipulation and fraud. The SEC is seeking a permanent injunction, return of allegedly ill-gotten gains with interest, civil penalties, and a penny-stock bar. Essex and Facultas Capital Management Inc., Conde-controlled entities that received proceeds from the alleged fraud, were named as relief defendants.

https://www.sec.gov/news/press-release/2019-185


So sorry for all the honest investors who have been swindled here.