The Securities and Exchange Commission (SEC) filed a lawsuit against Vuuzle Media Corporation and its founder Ronald Shane Flynn also known as “Ronnie Shane” for allegedly defrauding millions of dollars from investors.
Vuuzle is an online live streaming and entertainment company based in New York. Ronald Shane Flynn is the founder of the company. He U.S. citizen residing in Angeles City, Philippines, and or Dubai, United Arab Emirates, according to the SEC.
SEC’s charges against Vuuzle and its founder
In the complaint, the SEC alleged that Vuuzle and Flynn fraudulently offered common stock and warrants to investors from September 2016 and at least May 2020. The company and its founder raised more than $14 million from unsuspecting investors who believed that the offering was legitimate.
According to the Commission, the defendants deceived investors by claiming that Vuuzle is a growing company providing online live streaming and entertainment services. In reality, the company is just a front for a boiler room controlled by Flynn.
