Enviro Impact Resources, Inc. has been charged with securities fraud and violations of registration by the Securities and Exchange Commission. Formerly known as Industry Source Consulting, Inc., the company is a Georgia-based microcap. The SEC’s lawsuit also alleges fraud and registration violations by former CEO Michael Molen, Seth Molen, a Georgia firm controlled by Michael and Seth Molen, as well Pixel Arcanum, Inc.
According to Michael Molen’s complaint, the defendants engaged falsely and misleadingly in conduct deceptive and made false statements for his financial benefit. According to the SEC, between 2014 and 2022, INSO, under Michael Molen’s direction, published false and misleading quarterly and annual disclosure reports. These included false financial statements and lawyer opinion letters. The defendants allegedly also made false and deceptive statements to third-parties and engaged in other misleading conduct, such as creating forged documents and using them to facilitate Pixel’s fraudulent, unregistered, and fraudulent transactions in INSO stocks and convertible promissory Notes.
In the complaint filed at the United States District Court for the Northern District of Georgia against Michael Molen and INSO, Seth Molen and Pixel, they are accused of violating various securities laws. The four defendants all consented for permanent injunctions, as well as agreeing to pay disgorgement, interest prejudgment and civil penalties. The amounts will be determined by court. Michael Molen, Seth Molen, and Pixel have all agreed to barring themselves from being officers and directors. Pixel has also agreed to a penny-stock bar. The district court must approve the settlements.
Lucy Graetz is conducting the SEC investigation in the Atlanta Regional Office under the supervision Natalie Brunson and Justin Jeffries. This is part of Enforcement Division’s Microcap Fraud Task Force. William Hicks, Graham Loomis and the Enforcement Division’s Microcap Fraud Task Force are in charge of the SEC’s ongoing litigation.
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Securities and Exchange Commission is the regulatory agency that enforces and oversees securities laws in the United States. The primary goal of the SEC is to protect investors and maintain fair, efficient, and transparent markets.
The SEC regulates the securities industry which includes stocks and bonds, mutual funds and other investment products. It ensures companies give accurate and transparent data to investors and helps prevent fraud and manipulation. The SEC also monitors brokers, exchanges, and investment advisers to ensure that regulations are being followed.
SEC also plays an important role in enforcement. The SEC investigates securities violations and takes legal actions against companies and individuals involved, including insider trading and accounting fraud. It provides investors with resources and education to help them make informed decisions.
The SEC has a mission to promote a fair, efficient, and honest market, to protect investors against fraudulent activities, to encourage capital formation, and to support economic growth.
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