According to the SEC, Turbo Global “did not have the technology described as “our” technology because it did not enter into an agreement with the owner of the thermal scanning technology.
The federal securities regulator also noted that the penny stock company’s contact with the Governors and their Chiefs of Staff were “unsolicited emails or faxes with false information.”
Applied BioSciences, Turbo Global violated federal securities laws
The SEC alleged that Applied BioSciences and Turbo Global and its CEO’s false and misleading statements in their press releases violated the antifraud provisions of the federal securities laws. It is seeking a court order imposing permanent injunctive relief and civil penalties against the defendants.
In a statement, SEC Division of Enforcement Director Co-Director Stephanie Avakian said, “We are actively monitoring the markets to detect potential fraudsters who seek to use the COVID-19 crisis as a basis for investment scams. As alleged in these complaints, Applied BioSciences and Turbo Global sought to take advantage of the COVID-19 crisis by misleading investors about their ability to provide solutions.
