SEC Charges CEO George Iakovou and Vika Ventures with Fraudulent Securities Offering

The Securities and Exchange Commission, or SEC, has charged Vika Ventures LLC and CEO George Iakovou with fraud. The Securities and Exchange Commission (SEC) has charged George Iakovou and his venture capital firm, Vika Ventures LLC, with fraudulent activities. Penelope Zbravos who was a key player in Vika Ventures has also been charged with the SEC.

Iakovou & Vika Ventures, according to the SEC complaint, falsely claimed that they owned shares in private companies that could potentially go public. They never owned these shares and did not own them at the time. Iakovou is accused of using the funds from investors for his own personal gain. Iakovou allegedly also used false documentation and statements to fool investors into believing that Vika Ventures was successful. Zbravos’s former girlfriend Iakovou was found negligent for participating in Vika Ventures as she had been aware of red flags about the company’s operation.

Iakovou, Vika Ventures and the United States District Court for the Middle District of Georgia are accused of violating different sections of the Securities Act of 1932 and the Securities Exchange Act of 1935. Zbravos faces charges of violating a Securities Act section. The SEC seeks permanent injunctive remedies, disgorgement and prejudgment interests, as well as civil penalties, against Iakovou, Zbravos, and Zbravos. Iakovou is also being sought as an officer or director. Vika Ventures will face permanent injunctive measures and a civil fine.

Zbravos has agreed, without admitting to or denying these allegations, to a permanent order of injunction, will pay disgorgement and prejudgment interests, and civil penalties, determined by the district courts. This settlement is subject to court approval. The U.S. Attorney’s Office for the Middle District of Georgia filed related criminal accusations.

Allison M. Rochford & Michelle I. Bougdanos conducted the SEC’s investigations, under the supervision of David Frohlich & Carolyn Welshhans. James Carlson, who will be leading the litigation, is in charge. The SEC thanks the U.S. Attorney’s Office of the Middle District of Georgia, and the United States Secret Service Albany, Georgia Office, for their assistance.

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SEC: What You Need to Know

Securities and Exchange Commission, or SEC for short, is an American regulatory agency which oversees and enforces federal security laws. Its main role is to protect and promote investors, ensure fair and efficient markets and encourage capital formation. These objectives are achieved by the SEC through regulation of the securities industry. This includes stock exchanges and brokerage firms as well as investment advisors. In addition, it requires companies to give accurate and timely data to the public in order to prevent fraud and ensure transparency. The SEC can investigate and take legal actions against individuals and entities who violate securities laws. This promotes market integrity and investor trust.

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