SEC Sues Unico, Advanced Cell Over Alleged Stock Scheme

Law360, New York (May 31, 2012, 3:46 PM EDT) -- Mining company Unico Inc. and biotechnology firm Advanced Cell Technology Inc. issued unregistered penny stocks through sham legal settlements in a long-running scheme, the U.S. Securities and Exchange Commission said Wednesday in a federal lawsuit in Florida.

Over several years, the companies issued a combined 9 billion shares through settlements in Florida state court designed to repay debts owed to various offshore penny stock financing companies, the SEC claims.

In reality, the financing companies diluted the shares, sold them to unwitting investors and moved the funds...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Securities and Exchange Commission v. Lefkowitz et al


Case Number

8:12-cv-01210

Court

Florida Middle

Nature of Suit

Securities/Commodities

Judge

Mary S. Scriven

Date Filed

May 30, 2012

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.