SEC Obtains Judgment Against Former CEO and General Counsel for Securities Fraud

Former CEO and General counsel Ordered to pay $927,000 in Securities Fraud

On May 3, 20,23, the United States District Court for the District of Connecticut rendered a final judgment in favor of Ronald D. Swanson. Swanson is a former Connecticut resident. Swanson is ordered to pay disgorgement of over $927,000 and penalties as a result of his involvement in securities fraud. Swanson had been the subject of an SEC complaint in May 2020.

Swanson raised fraudulently more than $ 2 million from investors, according to SEC’s complaint. This occurred between October 2012 – August 2015. He achieved this by making false statements and misleading claims about Sonic Cavitation, Inc., the liquid purification technology firm based in Texas where he was CEO and general attorney. Swanson exaggerated interest from potential partners and the capabilities the technology of the company, while downplaying its risk.

Swanson, prior to the final verdict, consented for a permanent injunction without admitting or disputing the allegations made in the complaint. The injunction prevents him from violating antifraud provisions of Securities Act of 1933 or Securities Exchange Act of 1964. Swanson also agreed on penalties, disgorgement and prejudgment interest as well as a ban from serving in the capacity of an officer or director at a public company. The court determined the amounts and durations for these remedies.

Swanson’s final District Court judgment includes a 10-year ban from serving as a director or officer of any publicly traded company. Swanson is also responsible for disgorgement, plus interest and prejudgment, of $677.753, as well as a civil fine of $250,000.

Amy Gwiazda and Dawn Edick of the Boston Regional Office were in charge of handling the SEC’s lawsuit. Maria Pimentel Viana of the same office conducted an investigation that led to the civil action. The SEC is grateful for the assistance given by the District of Columbia Bar Office of Disciplinary Counsel on this matter.

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SEC

Securities Exchange Commission (SEC), a US regulatory agency, is focused on protecting investors as well as maintaining fair and effective markets. The SEC carries out a variety of activities to achieve this goal.

First, the SEC demands that companies provide investors with accurate and timely information. It enforces strict rules of disclosure, which ensure that companies disclose comprehensive and reliable financial information as well as relevant data so that investors may make informed decisions.

The SEC also regulates the securities market to ensure fair practices, and to prevent fraud. It monitors the exchanges, brokers and other participants in the market to detect and prevent manipulative activities, illegal insider trading practices and other harmful practices.

The SEC also supervises mutual funds and investment advisers to protect investor interests. Investment advisers are required to register with SEC to be subjected to regulatory oversight and to ensure they act in their clients’ best interest. Similarly, SEC examines the mutual fund’s disclosures and operation to protect investors.

In addition, the SEC is a key player in enforcing security laws. The SEC investigates possible violations, takes legal actions against wrongdoers and imposes sanctions or penalties when necessary. This enforcement activity is a means of deterrence and helps to maintain the integrity on the financial market.

The SEC also educates and helps investors by offering them valuable information and resources. The SEC provides guidance on a variety of investment topics. It also alerts investors to potential scams and risks.

SEC’s main mission is, in general, to protect investors and ensure the integrity of securities markets. The SEC’s mission is to promote transparency, create an even playing field, and build trust and confidence within the financial system by enforcing regulation, promoting education, and educating its investors.

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