Litigation release No. Litigation Release No.
SEC charges McLean and Powell with fraudulent scheme
The Securities and Exchange Commission (SEC), on March 27th 2023, filed a civil case against Wayne McLean and Joan Powell. They were involved in a fraudulent scheme that sold fake shares of Eastern Metal Securities. This scheme, that defrauded retail investors in the United States and around the globe, was previously connected to Roger Nils Karlsson.
Karlsson, as per the SEC’s complaint orchestrated a fraudulent scheme from June 2012 to November 2012. He sold EMS shares and claimed that they were backed up by a “Pre Funded Reversed Pension Plan” It was hailed as the first online investment in history. McLean played a part in facilitating this scheme by selling EMS securities through podcasts and making false and deceptive statements. Powell, meanwhile, collected investor funds and transferred them to Karlsson’s accounts. McLean and Powell, despite saying they were performing these functions free of charge, kept a portion for their own use.
The complaint was filed with the U.S. District Court of Eastern District of New York and charges McLean of violations of Securities Act of 1932 and Securities Exchange Act of 1934. Powell is accused of violations of Securities Act and Exchange Act. McLean, Powell and their attorneys have reached bifurcated agreements without admitting to or denying any of the allegations. These settlements include permanent prohibitions on violating the alleged provisions as well an officer-and director bar. On the Commission’s request, the court will decide the amount of monetary relief later.
John Lehmann was the lead investigator for the SEC investigation. He was assisted by Jordan Baker and Alistaire Bambach. Lehmann, Chevon Walker, and Thomas P. Smith, Jr. supervise the litigation.
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SEC: What You Need to Know
Securities and Exchange Commission is the regulatory agency of the United States. It is responsible for protecting and regulating investors and maintaining fair and effective markets. The SEC does this by enforcing securities laws and regulating the securities sector, as well as overseeing corporate disclosures.
The SEC is a vital player in protecting investors by ensuring companies are providing accurate and transparent information. It is responsible for registering securities offerings by companies and providing guidelines to ensure that they are not misleading or fraudulent. The SEC monitors investment advisors, dealers, and brokers to make sure they are acting in the best interest of their clients.
Enforcement powers is another way that the SEC protects investors. It takes legal action and investigates individuals or entities that engage in fraudulent or manipulative practices that harm investors. SEC sanctions and penalties are intended to deter this type of behavior and maintain the integrity of the market.
Moreover, the SEC promotes awareness and education of investors. It offers resources and information that help investors to make informed choices, understand their legal rights, and navigate through the complexity of the financial market. The SEC operates the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR), which allows investors free access to financial statements and corporate filings.
The SEC protects its investors by enforcing the securities laws, regulating securities industry, assuring transparency and accuracy of corporate disclosures and taking action to stop fraudulent practices. The SEC’s goal is to promote fair and efficient markets and to give investors confidence in the financial system.
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