U.S. District Court for the District of New Jersey issued Final Judgments to former executives of SIMO Mobile, Ltd. a mobile advertising company based in Jersey City. Gerard R. Hug, Kurt W. Streams and others were found guilty of fraud.
The Securities and Exchange Commission filed a complaint against Kurt W. Streams on August 5, 2019 accusing him of misusing funds. Streams was accused of using at least $200,000.00 from SITO to pay for personal expenses such as subscriptions to Netflix, Amazon Prime, pet groomers and eyewear.
The SEC also alleged in a separate amended complaint, filed on December 7, 20,22, that Gerard R. Hug (former CEO of SITO) misused company money. Hug was accused in the complaint of improperly charging approximately $77,000 worth of personal expenses on SITO’s credit card. Hug is also accused of charging approximately $160,000 worth of expenses with no apparent business purpose, or without sufficient verification. According to the amended complaint, Hug frequently used his corporate card for personal expenditures such as family holidays, sporting tickets and designer clothing.
Kurt W. Streams accepted a final judgement that prohibits him permanently from violating different securities laws. The SEC also ordered him to pay disgorgement amounting to $48,796.00 as well as a civil penalty in the sum of $20204.00. Additionally, he was subject to an officer and director bar of two years. Streams is also prohibited from appearing before the Commission as an auditor or practicing accounting. The SEC issued a administrative order on January 13th, 2023.
Gerard R. Hug, also without admitting to or denying SEC allegations, consented in a final judgement that permanently bars him from violating securities laws. He must pay a civil fine of $50,000.
Kevin Guerrero led the SEC’s investigations, while Gregory Miller oversaw the litigation under James Connor and Olivia Choe.
For more details, refer to Lit. Press Release 24551/August 5, 2019 for more details. Release No.
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SEC: What You Need to Know
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