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Monday, August 16, 2021 11:53:44 AM
exaggerated the number of films The Movie Studio owned;
made it appear that films would be released soon when, in fact, The Movie Studio had filmed only enough content to make a trailer;
falsely claimed to own a production studio; and
represented, without any basis, that The Movie Studio utilized blockchain technology in the distribution and licensing of films.
The complaint further alleges that The Movie Studio and Venters dumped shares of The Movie Studio stock on the public markets after issuing at least one misleading press release. As alleged, only a fraction of investor funds went towards The Movie Studio's film production business. The complaint further alleges that Venters misappropriated investor funds for his personal use and to pay commissions to sales agents for recruiting investors.
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