Litigation Release Number Litigation Release No.
Securities and Exchange Commission V. Markman Biologics Corp. and Alan Shinderman No. No. 223-cv-01288, (D. Nev. Filed February 23, 2023)
The Securities and Exchange Commission filed charges on February 23, 2023 against Alan Shinderman and Markman Biologics Corp. for false statements made to investors and misappropriation of funds.
The SEC has alleged that Shinderman and Markman Biologics have raised about $1.276million from investors in the period between November 2019 to November 2022. In their offering materials and SEC submissions, they used misleading statements that misled investors about Shinderman’s compensation, related-party transactions, and Shinderman’s repeat offender status. Shinderman, in reality, misused more than a third the funds of investors for his personal benefit and the benefit of Aspen Asset Management Services, LLC.
In its complaint, the SEC accuses Shinderman Biologics and Markman Biologics of violating the Securities Act of 1932 and the Securities Exchange Act of 1935. The SEC is seeking injunctions and civil penalties against Shinderman, as well as disgorgement of prejudgment interests, an officer-and director bar, a penny stock ban, and conduct-based sanctions.
Ada Fernandez Johnson and Katherine H. Stella are conducting the SEC’s ongoing investigation under George Bagnall, Peter Rosario and Stacy L. Bogert. Edward Reilly will lead the litigation, with James Connor supervising.
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SEC
Securities and Exchange Commission is the regulatory agency that enforces and oversees securities laws in the United States. The primary objective of the SEC is to protect investors and maintain fair, efficient, and transparent markets. These objectives are achieved by the SEC through regulation of the securities industry including stock exchanges and brokerage firms. The SEC ensures that investors receive accurate and timely information, it prevents fraud, and it enforces the rules related to trading and securities offerings. It also plays an important role in enforcing the insider-trading laws and regulating financial advisers. SEC has a broad purpose: to promote confidence, stability and transparency in U.S. financial market.
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