Final Judgment Entered Against Paul Hess in SEC v. Medsis International, Inc. et al. for Fraudulent Securities Offering

Litigation release No. 25602/December 22, 2022

Civil Action No. 1:21-cv-11356 (D. Mass. Filed Aug. 19, 2020)

The United States District Court for the District of Massachusetts handed down a final judgment on December 21, 2022 against Paul Hess for securities fraud. Hess must pay around $840,000 as disgorgement, interest and penalties.

The Securities and Exchange Commission filed a complaint alleging Hess and Joshua Dax Cabrera had engaged in fraud. The Securities and Exchange Commission (SEC) filed a complaint alleging that Hess and his co-defendant Joshua Dax Cabrera engaged in fraudulent activities. According to reports, the fraudulent scheme took place between 2015-2020. Hess and Cabrera, according to the SEC, made false and misleading statements about Medsis in order to mislead investors. This included stating that contracts were worth more than they actually were, and that revenues and business operations would be boosted. They were also accused of misusing funds from investors for personal use.

Hess agreed to accept a final judgement that prohibits him permanently from violating securities law. The final judgment prohibits Hess from engaging fraudulently and requires that he comply with registration requirements for broker-dealers and securities offerings. Hess cannot participate in the purchase, offering, or sale any securities except those transactions that are involving his own accounts. Hess was ordered to pay $527,000 in disgorgement, $109,205 in prejudgment interests, and $207,183 as part of his judgment.

The SEC’s lawsuit against Cabrera, Medsis and Medsis has not yet been resolved. Peter Bryan Moores is handling the litigation along with Trevor Donelan Marc Jones and Kevin Currid from the Boston Regional Office.

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SEC

Securities and Exchange Commission, or SEC, is an American regulatory agency that oversees and enforces federal securities laws. Its primary objective is to safeguard investors, ensure fair and efficient markets and facilitate capital formation. These goals are achieved by the SEC through regulation of the securities industry including stock exchanges. brokerage firms and mutual funds. It also oversees corporate disclosures and reporting. The SEC investigates securities fraud and other violations of securities laws, and it takes legal action to punish those involved. In general, the SEC has a vital role to play in ensuring integrity and transparency in the U.S. market.

More information can be found at

SEC’s Website

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