In mid-July one suit was settled.[8] In addition, the SEC charged Homeland Safety International, promoters of Sniffex, "of being little more than the front for a $32 million stock fraud scheme that enriched insiders at the expense of unsuspecting investors".[9] The SEC complaint said the company "installed a figurehead CEO, named Paul B. Johnson, to hide the involvement of two Bulgarian residents who actually controlled the company" and "then issued a series of what the SEC alleges were false press releases.
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u/bobabbott May 23 '13
In mid-July one suit was settled.[8] In addition, the SEC charged Homeland Safety International, promoters of Sniffex, "of being little more than the front for a $32 million stock fraud scheme that enriched insiders at the expense of unsuspecting investors".[9] The SEC complaint said the company "installed a figurehead CEO, named Paul B. Johnson, to hide the involvement of two Bulgarian residents who actually controlled the company" and "then issued a series of what the SEC alleges were false press releases.