This matter involves a fraudulent, unregistered of
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Posted On: 12/02/2019 8:21:40 PM
Re: Coat Tail Rider #5383
This matter involves a fraudulent, unregistered offering and the filing of a fraudulent Form 10-SB by Moller International, Inc. ("MI" or "the company"
, a California company engaged in the development of a personal aircraft known as "the Skycar."
From at least 1997 until October 2001, Paul S. Moller ("Moller" , a university professor and inventor, sold unregistered shares of MI stock directly to the public , raising approximately $5.1 million from more than 500 investors.
MI fueled investor interest through materially false and misleading statements about the company's imminent listing on the New York Stock Exchange ("NYSE" and the Nasdaq Stock Market, the projected value of MI shares after such listing and the prospect for product sales and revenue.
Later, in September 2001, MI filed with the Commission a Form 10-SB registration statement, which contained misleading claims about patents held by the company relating to Skycar technology.
https://www.sec.gov/litigation/complaints/comp17987.htm
So KK brought on a Director of Moller to advise on a way forward? That must make shareholders giddy.
In its complaint, the Commission alleged that Moller International and Moller violated the antifraud and the registration provisions of the federal securities laws. Specifically, it is alleged that the Defendants violated Section 17(a) of the Securities Act of 1933 (Securities Act), Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder, as well as Sections 5(a) and 5(c) of the Securities Act. Simultaneously with the filing of its action, the Commission announced that each of the Defendants had agreed to a settlement in which they consented to the entry of a permanent injunction and in which Moller agreed to pay a civil penalty in the amount of $50,000 .
https://www.sec.gov/litigation/litreleases/lr17987.htm
, a California company engaged in the development of a personal aircraft known as "the Skycar." From at least 1997 until October 2001, Paul S. Moller ("Moller"
, a university professor and inventor, sold unregistered shares of MI stock directly to the public , raising approximately $5.1 million from more than 500 investors. MI fueled investor interest through materially false and misleading statements about the company's imminent listing on the New York Stock Exchange ("NYSE"
and the Nasdaq Stock Market, the projected value of MI shares after such listing and the prospect for product sales and revenue. Later, in September 2001, MI filed with the Commission a Form 10-SB registration statement, which contained misleading claims about patents held by the company relating to Skycar technology.
https://www.sec.gov/litigation/complaints/comp17987.htm
So KK brought on a Director of Moller to advise on a way forward? That must make shareholders giddy.
In its complaint, the Commission alleged that Moller International and Moller violated the antifraud and the registration provisions of the federal securities laws. Specifically, it is alleged that the Defendants violated Section 17(a) of the Securities Act of 1933 (Securities Act), Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder, as well as Sections 5(a) and 5(c) of the Securities Act. Simultaneously with the filing of its action, the Commission announced that each of the Defendants had agreed to a settlement in which they consented to the entry of a permanent injunction and in which Moller agreed to pay a civil penalty in the amount of $50,000 .
https://www.sec.gov/litigation/litreleases/lr17987.htm
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