Litigation Release Number Litigation Release No.
Securities and Exchange Commission v. Giguiere et al. 1:18-cv-1530 (S.D. Ca. Ca.
On January 31, 20,23, the U.S. District Court of Southern District of New York issued a final judgement against Annetta Buhu. This was in relation to a securities fraud. The court ruled against Budhu, awarding injunctive relief and various penalties.
Budhu is accused of being involved in a fraudulent plan to manipulate Arias Intel Corp.’s stock price, trading volume and other financial data.”ASNT”). She made a profit allegedly of $5,000 from selling shares, and giving false information to the transfer agent.
The SEC charged Budhu with violating antifraud provisions of Securities Exchange Act of 1939 and Rule 10b-5. Budhu, without admitting or disputing the allegations made against her, agreed to a judgment which permanently barred her from violating securities laws in the future and placed a penny-stock bar. She agreed to pay a disgorgement of $5,500 plus prejudgment interests and a civil fine of $5,000. The final judgment was entered by the court on January 31, 2023.
Sheldon L. Pollock, the SEC’s Regional Office in New York, supervised the litigation team of Christopher Dunnigan (from the New York Regional Office), Christine Ely and Lindsay Moilanen. The SEC has expressed its gratitude to the U.S. Attorneys’ Office for Southern District of California as well as the Federal Bureau of Investigation.
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SEC: What You Need to Know
Securities and Exchange Commission, or SEC, is an American regulatory agency that regulates the securities sector, which includes stock exchanges and brokers-dealers. They also oversee mutual funds, investment advisors and investment advisors. Its main goal is to safeguard investors, ensure fair and efficient markets and facilitate capital formation. The SEC is responsible for ensuring that investors are provided with accurate information in a timely manner, enforcing securities laws, and investigating fraudulent activities on the financial markets. The SEC is also responsible for the creation and enforcement of rules that will promote transparency and security in the securities market.
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