Aurora Acquisition Corp (AURC)

[mbiotc]

This is somewhat interesting.

Full Story: http://www.securitiesarbitrations.com/Securities-Arbitration-Blog/Article/3/2012/200/FINRA-Files-Complaint-against-Florida-Broker-Dealer-for-Fraudulent-Private-Placements

Aurus Corp.

Finally, the complaint also states that Karapetyan participated in the sale of unregistered shares, among other violations, in transactions involving Aurus Corp.

Karapetyan acted as the broker for customer accounts opened by Normand Terroux at Basis in October 2006 for three entities formed in the British Virgin Islands. A total of 19 million Aurus shares were placed in these accounts.At the time, Aurus had no registration statement and was not exempt. Nor did Aurus ever submit anything to the SEC or publish any information on how the Terroux entities came by its shares, the complaint said.

Eventually, the three Terroux accounts sold all the Aurus shares they held for about $2.2 million, and Basis received total commissions of about $94,000, the complaint says.

Almost all the proceeds from the sale of the Aurus stock were wired out of the Terroux accounts to overseas banks in Monaco and Gibralter shortly after the sales, the complaint says. Despite obvious red flags, Basis and Karapetyan made no effort to determine anything about the Terroux entities, including when the shares were obtained, how the shares were obtained, and whether the shares were paid for. In so doing, they failed to comply with the requirements of Section 5 of the Securities Act of 1933.