SEC Files Suit Against GMC Holding, CEO

Law360, New York (February 25, 2008, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has accused a defunct company and its CEO of duping investors out of over $2 million by lying in press releases about an energy-efficient motor device and through stock offerings that were unregistered and illegal.

The SEC filed a civil suit Friday against GMC Holding Corp. and Richard Brace, the company's former president and current chief executive officer, in the U.S. District Court for the Middle District of Florida.

The defendants are charged with one count of selling unregistered securities...
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