The Securities and Exchange Commission has taken immediate action against Reven Holdings, Inc., and its principal executives. The SEC has taken emergency action against Reven Holdings, Inc., its founders and principal executives. Peter B. Lange and Michael A. Volk are the founders and executives who were involved.
According to the SEC’s complaint, Reven Pharmaceuticals – also known as Reven – raised $44 from approximately 175 investors between January 2019 and now. The money was allegedly intended to be used for the development and production of a new drug named Rejuveinix. According to the complaint, Lange, Volk and Denomme allegedly misappropriated at lease $8,8 million in order to pay for their personal expenses including real estate payments, mortgage payments and credit card bills. They also allegedly used this money for jewelry, travels and luxury vehicles. The trio funneled funds from investors through a company that they controlled.
The SEC charges in its complaint that the defendants violated the anti-fraud provisions of Securities Act of 1932 and Securities Exchange Act of 1934. The SEC wants permanent injunctions and disgorgement of gains ill-gotten plus prejudgment, as well civil monetary penalties.
Kimberly Greer led the SEC’s probe, with Kenneth Stalzer and Donna Walker working under Ian Karpel and Jason Burt. Sharan Lieberman is handling the litigation, while Kenneth Stalzer oversees it. Gregory Kasper.
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SEC
Securities Exchange Commission is an American regulatory agency that supervises and enforces federal security laws. The primary mission of the SEC is to protect investors and maintain fair, efficient, and transparent markets.
The SEC regulates the securities industry including stock exchanges and brokerage firms. The SEC ensures that public information is provided to investors about the financial status and operations of companies. The requirement to file periodic reports, prospectuses and public offering documents is part of this.
SEC enforces laws that prohibit insider trading, manipulation of the market, and fraudulent activities on the securities market. The SEC investigates and prosecutes those who violate securities laws. It imposes penalties and sanctions if necessary.
The SEC also plays an important role in the supervision of mutual funds and investment advisors. It registers advisors, and they are required to follow fiduciary rules in order to act in the best interest of their clients. The SEC is also responsible for regulating the creation, registration and operations of mutual funds. This ensures that they comply with investor protection laws.
SEC’s primary goal is to promote investor confidence and protect investors against fraud and misconduct.
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