Plastic2Oil Inc (PTOI)

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SEC CHARGES COMPANY AND ITS OFFICERS WITH ACCOUNTING FRAUD

The Securities and Exchange Commission announced today that it filed an action in federal court in Massachusetts against JBI, Inc., a publicly-traded company formerly located in Massachusetts and now headquartered in Ontario, Canada. The Commission also charged JBI’s current CEO, John Bordynuik, a resident of Ontario, Canada, and its former CFO, Ronald Baldwin, Jr, a resident of Palm Harbor, Florida. The action alleges that the defendants engaged in a scheme to commit securities and accounting fraud by reporting materially false and inaccurate financial information on the financial statements of JBI, Inc. for two reporting periods during 2009.
https://www.sec.gov/litigation/litreleases/2012/lr22220.htm