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SEC Charges Supplement Co. CEO With Penny Stock Fraud

Law360 (April 13, 2018, 10:11 PM EDT) -- The CEO of a Chicago-area health supplements company that sold its shares as penny stocks has been charged with making false and misleading statements in the company's SEC filings and press releases and with manipulating the company's stock, the U.S. Securities and Exchange Commission announced Friday.

The SEC charged CEO and Board Chair of Wellness Center USA Andrew Kandalepas with six counts of violating the Securities and Exchange Act, alleging Kandalepas took more than $450,000 in unauthorized withdrawals from the company and then concealed his actions...
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