The U.S. District Court for the Northern District of Texas issued a final judgement against Aether Innovative Technology, Inc.”Aether”John C. Wilson Jr., CEO of the Texas-based company, is also pictured.”Wilson”). The Securities and Exchange Commission had filed a lawsuit against them alleging that the company raised approximately $1.9million from investors by using deceptive tactics.
Aether’s and Wilson’s offering materials, as well as other written communications from August 2019 through September 2020, contained false and misleading statements. These statements included false representations about prior investments and the use of investors’ assets. They also misrepresented the deployment of Aether hardware for its primary business. Wilson was accused as well of misappropriating investors’ funds for his own use.
Aether and Wilson are prohibited from violating antifraud provisions of Securities Act of 1933 or Securities Exchange Act of 1935 by the final judgment entered on default. Aether was ordered to pay $207,183 in civil penalties and disgorgement, with a prejudgment rate of interest of $15 418.48. Wilson was ordered to pay $207,183 in civil penalties and disgorgement, plus prejudgment interests of $7,457.33. Wilson has been prohibited from holding any position of officer or director in a publicly traded company. Wilson and Aether have also been barred from engaging in securities-related activities.
Gregory Miller led the litigation and James Connor supervised it, while Timothy Work, Elizabeth Doisy and Brian Palechek conducted SEC’s investigations, which were supervised and managed by George Bagnall, Stacy Bogert and Elizabeth Doisy.
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SEC: What You Need to Know
Securities and Exchange Commission, or SEC for short, is the regulatory agency of the United States. It oversees and enforces securities laws. Its main mission is to protect and promote investors, ensure fair and efficient markets and encourage capital formation.
The SEC regulates a variety of participants in the securities market, including brokers, investment advisers, and mutual fund companies. It is required that companies offering securities to the public must provide accurate information in a timely manner to investors. This ensures transparency and prevents fraud.
In order to achieve its goals, the SEC enforces security laws through investigations, enforcement actions, and penalties and sanctions. It also sets regulations and rules for the securities sector, such as disclosure requirements, accountancy standards, and restrictions against insider trading.
In addition, the SEC is a key player in the oversight of the financial markets. It ensures that they function fairly and efficiently. It monitors the trading activities and investigates suspicious activity.
The SEC is a vital regulatory agency that works to protect investors, promote capital formation, and maintain the integrity of the market in the United States.
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