The U.S. Securities and Exchange Commission has issued a securities fraud complaint against GPL Ventures LLC, GPL Management LLC, and its co-owners Alexander Dillon and Cosmin Panait at
According to the SEC, GPL bought and then publicly sold 1.5 billion shares in HempAmericana and other penny stocks as unregistered dealers to sell at a profit.
The SEC added that GPL along with New Jersey-based consultant Seaside Advisors LLC dealer has been committing dealer registration violations since 2017.
GPL also reported funded HempAmericana in exchange for its stock then split profits with Seaside Advisors to fund “covert promotional activities” and raise the stock’s price.
GPL and the other entities involved reportedly earned at least $81 million by publicly reselling HempAmericana stock to investors for profit.
“Investors are entitled to accurate and complete information about how proceeds from Regulation A offerings will be used, and the identity and intent of people funding stock promotions,” said Richard R. Best, Director of the SEC’s New York Regional Office.
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