In a statement, SEC New York Regional Office Directors Richard Best said, “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. We will vigorously pursue those who work together to dump microcap shares on an unsuspecting public.”
The U.S. District Court for the Southern District of New York granted the Commission’s request for an asset freeze and a temporary restraining order against the GPL defendants.
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