William Andrew Stack (an attorney and nominal CEO of Preston Corp.) received a judgment final from the U.S. District Court of Western District of Texas, on March 10, 2103 The ruling prohibited Stack from violating anti-fraud and securities law registration provisions.
The Securities and Exchange Commission filed a complaint with the SEC on January 15, 2021 alleging Preston Corp., an industry financial services provider, had falsely claimed that it specialized in royalty financing. The company was not actually operating. Stack was the nominal CEO for the company, despite having no mining industry experience. This was at the behest of a control person who is not disclosed. This control person was previously charged with fraud by the SEC.
According to SEC’s complaint against Stack, Stack published four press releases as Preston Corp.’s chief executive officer. These press release materially misled the investors by falsely asserting that Preston Corp. had entered into royalty agreements and a “gold mine agreement” Third parties. Preston Corp., Stack and other Preston Corp. employees distributed Preston Corp. common stock without registering it to retail investors. Stack allegedly misappropriated offering proceeds by diverting a large portion of them to himself and an undisclosed person in control.
The final judgment imposed injunctions against Stack that prohibited him from violating certain sections of the Securities Act of 1932 and Securities Exchange Act of 1934. It also included a prohibition on Stack’s ability to provide legal services in relation to Regulation D, or any other exemptions of the Securities Act registration provisions for five years. Stack also had to pay $438,103.21 in disgorgement, prejudgment interests, and a $333,110-million civil penalty.
Thomas P. Smith, Jr. supervised the SEC’s lawsuit, which was headed by Alexander M. Vasilescu, Jason D. Schall, and Alexander M. Vasilescu.
Recover Investment Losses
Are you experiencing investment losses? You should consult an expert if you are experiencing investment losses. investment fraud attorney. Haselkorn & Thibaut is a highly regarded law firm specializing in investment fraud, known for their reliability and trustworthiness. Their attorneys are highly experienced in the field of securities litigation and arbitrage and work tirelessly to help their clients receive the compensation and justice that they deserve.
With an impressive success rate of 98% and millions of dollars recovered for investors, Haselkorn & Thibaut is the preferred choice for investors seeking legal remedies for their investment losses.
It is important to act immediately if you suspect you are a victim of investment fraud. Investment fraud lawyers from the firm will evaluate your case and help you determine how to recover your losses. It is also important to remember that there will be zero fees if the case does not result in a recovery.
Contact Haselkorn & Thibaut today for a free consultation at 1-888-784-3315or website at InvestmentFraudLawyers.com.
SEC
Securities and Exchange Commission is an American regulatory agency that supervises and enforces the securities laws. The primary goal of the SEC is to protect investors and maintain fair, efficient, and transparent markets. The SEC accomplishes these goals by regulating the securities sector, including stock exchanges. brokers and investment advisors. It also enforces laws that require companies and their representatives to provide accurate and timely information. The SEC is also responsible for preventing fraud and investigating and prosecuting violations. SEC is a federal agency that aims to increase investor confidence, transparency and fairness in U.S. financial market.
Find out more about
