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Thursday, August 19, 2021 2:20:46 PM
https://www.sec.gov/news/press-release/2021-153
The complaint further alleges that GPL Ventures' owners, co-defendants Alexander Dillon and Cosmin Panait, falsely represented to their brokers that GPL Ventures was not involved in any stock promotions with respect to the shares GPL Ventures was depositing and selling into the market. Finally, the complaint alleges that GPL Ventures, affiliate GPL Management LLC, Dillon and Panait are operating as unregistered securities dealers, having privately obtained discounted stock in more than 140 microcap issuers and subsequently generated gross proceeds of at least $81 million by publicly reselling such stock to the investing public at a substantial profit.
"Investors are entitled to accurate and complete information about how proceeds from Regulation A offerings will be used, and the identity and intent of people funding stock promotions," said Richard R. Best, Director of the SEC's New York Regional Office. "We will vigorously pursue those who work together to dump microcap shares on an unsuspecting public."
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