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SEC Clamps Down On Offshore Trading Of Unregistered Stock

Law360 (November 18, 2005, 12:00 AM EST) -- An offshore securities firm purchases 94% of Korea-based Allixon International Corp. through unregistered stock before using affiliates to sell it back to the public for $4.3 million in common stock, according to a federal complaint filed by the Securities and Exchange Commission.

Upon filing the complaint, the SEC also filed an emergency civil action against Allixon, as well as a restraining order and a freeze on its assets.

The SEC filed the fraud lawsuit in U.S. District Court for the Northern District of Texas, pinpointing Allixon...
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