The SEC filed its lawsuit Turbo Global and Singerman in the federal court of the Middle District of Florida.
In the lawsuit, the federal securities regulator alleged that the penny stock company’s press released on March 30 and April 3 were “false” and “misleading.
On March 30, Turbo Global announced its purported “multi-national public-private-partnership” to sell thermal scanning equipment to detect individuals with fevers. The penny stock company also claimed that the scanning technology could help break “the chain of virus transmission through early identification of elevated fever, one of the key early signs of COVID-19.”
On April 3, Singerman claimed that Turbo Global the Governors and Chiefs of Staff for all 50 states regarding the availability of the thermal scanning equipment. He also claimed they provided the states with “technical documents for our technology.” Additionally, he stated that he personally contacted the CEOs of major retailers including Costco, Walmart, and Target, and told them, “We are standing by to assist with expedited procurement” of the thermal scanning equipment.
