SEC Files Amended Complaint Against Former CEO of NS8 for Fraud and Retaliation, Charges Co-founder with Assisting in Fraud

The Securities and Exchange Commission has filed a revised complaint against Adam Rogas. He was the former CEO of NS8, Inc. based in Las Vegas. Rogas had been accused of defrauding investors through false claims of millions in revenue by NS8. In the amended complaint, Rogas is now accused of impeding an employee for blowing the whistle about his fraudulent conduct and of retaliating. Paul Korol, a former Chief Customer officer and co-founder at NS8, is also accused of assisting and profiting from Rogas fraud.

Rogas falsified NS8’s revenue figures at least from 2018 to June 2020. He misled investors and potential investor with false financial data in several securities offerings.

According to the amended complaint filed in February 2019, Rogas restricted access to NS8’s systems for an employee to prevent communication between SEC and that employee. He then retaliated by terminating the employee’s employment.

Korol’s involvement in the fraud scheme is also alleged by the amended complaint. He was aware of the falsification of NS8’s revenue figures. Korol, despite this knowledge of falsified revenue numbers provided by NS8, solicited many potential investors between late 2018 to mid-2019. Korol, Rogas and a third party are accused of planning a scheme to help Korol sell shares in NS8 in August 2019. Korol is alleged to have profited $6.22million from this transaction.

In its amended complaint, the SEC charges Rogas for violating the anti-fraud provisions of both the Securities Act of 1932 and Securities Exchange Act of 1934 as well as the whistleblower’s protections as well as aiding and abetting NS8’s violations. Korol faces charges of violating sections under the Securities Act, the Exchange Act and aiding and abetment Rogas’s violations. The SEC seeks injunctions and financial penalties as well as disgorgement and barring of officers and directors.

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John Dwyer was in charge of the SEC’s investigations, and Danielle R. Voorhees (supervisor) and Jason J. Burt (investigator) were also involved. Nicholas Heinke, John Dwyer and Gregory A. Kasper supervise the litigation. The SEC is grateful for the assistance of both the U.S. Attorney’s Office of Southern District of New York, and the Federal Bureau of Investigation.

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