Plastic2Oil Inc (PTOI)

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JOHN BORDYNUIK SHIT-CANNED AS CEO FOR FRAUD

Financial fraud: SEC v. JBI, Inc., Civil Action No. CA. No. 1:12-cv-10012 (D. Mass. Filed Jan. 4, 2012) is a previously filed action against the firm, John Bordynuik, the CEO of the firm, and Ronald Baldwin, Jr., its CFO. Mr. Bordynulk and the firm settled with the Commission. The complaint alleged that in 2009 JBI materially falsified its financial statements by overstating the value of certain assets. Those financial statements were then used in two PIPE offerings to raise over $8.4 million. Each settling defendant consented to the entry of a permanent injunction prohibiting future violations of Securities Act Section 17(a) and Exchange Act Sections 10(b), 13(a), 13(b)(2)(A), 13(b)(2)(B) and 13(b)(5). The firm will also pay a penalty of $150,000 while Mr. Bordynulk will pay $110,000 and be barred for five years from acting as an officer or director of a public company. See also Lit. Rel. No. 22735 (June 27, 2013).
http://www.secactions.com/this-week-in-securities-litigation-two-weeks-ending-july-12-2013/



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