The SEC takes aim at Esos Rings, Inc.
In a recent release, the U.S. Securities and Exchange Commission released a statement. announced The company has been charged with fraud. Esos Rings, Inc.Its principal, Michelle Silverstein aka Michelle Silverstein Bisnoff. The pair has been accused of running an “Ponzi-like scheme” The sale of stock by a company using false and misleading claims.
Alleged Shenanigans
Esos Rings and Bisnoff raised $1.95million from unwitting investors, according to the SEC complaint. This was between February 2017 and 2022. The company that allegedly manufactured and sold wearable rings which functioned as debit cards, fed investors a series of lies.
According to the SEC, Esos and Bisnoff claimed they owned patents for the smart rings. Apple was allegedly in the process of buying their company. That’s not the only thing. They’re also accused operating a Ponzi Scheme, which uses new investor money to repay earlier investors.
The Consequences
Esos and Bisnoff chose to settle these charges without denying or admitting the allegations. They have agreed to final judgements that will permanently bar them from violating the antifraud laws. Section 17(a) of the Securities Act of 1933 The following are some examples of how to get started: Section 10(b) of the Securities Act of 1934 And Rule 10b-5 thereof.
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They are also jointly and severally responsible for disgorgement of $566.483 as well as $46,836 prejudgment interests. Bisnoff faces a bar as an officer and director, a civil fine of $233.229, as well as a permanent injunction that prevents her from taking part in unregistered security offerings. But she can still buy and sell securities listed at a national stock exchange on her personal account.
Los Angeles Regional Office staff diligently conducted the SEC investigation into Esos Bands and Bisnoff.
Jargon: A guide to understanding it
– Disgorgement: The courts can order wrongdoers to pay back ill-gotten gain. Esos and Bisnoff must pay $566.483 in this case.
– Interest on Prejudgment: The legal interest is calculated from the date that the lawsuit was filed to the date of the judgment. Esos, Bisnoff and their debt totals $46,836.
– Officer-and-Director Bar: It is a punishment that prevents an individual from being an officer or a director of a public corporation. Bisnoff was slapped this sanction.
– Permanent Injunction: It is a court order ordering an individual to stop performing a certain act. Bisnoff was permanently barred from participating in securities offerings that are not registered.
This case serves to remind investors about the risks of investing, and the importance for them to be vigilant. The SEC is committed to protecting investors, maintaining fair, efficient, and orderly markets.
