March 20, 2019/US SEC On March 19, 2019, the Securities and Exchange Commission charged a Texas-based oil-and-gas penny stock company and its former CEO with fraudulently concealing the loss of the company’s major source of revenue. According to the complaint, in mid-2017, Cardinal Energy Group, Inc. (“Cardinal”), based in Dallas, […]
Frauds & Scandals
Ponzi Scheme: SEC Seals Growing Circle International Office in Lagos
March 19, 2019/SEC Following information received by the Securities and Exchange Commission (the Commission) from a member of the public, surveillance was conducted on the activities of Growing Circle International (“G-Circle) whose head office is No 6 Mojidi Street, off Toyin Street, Ikeja Lagos. The Commission’s investigation revealed that G-Circle […]
SEC Halts Ponzi Scheme Targeting Vietnamese Investors
March 18, 2019/US SEC The Securities and Exchange Commission announced fraud charges and an asset freeze against the operators of a $25 million Ponzi scheme falsely promising high annual returns with minimal to no risk to investors in the Vietnamese community of Orange County, California. The SEC alleges that Kent […]
