Monday, August 4, 2014

SEC Announces Charges in “Solar Farm” Penny Stock Scheme

A penny stock company and its CEO are facing fraud charges from the SEC. They have been linked to a scam artist whom the agency separately charged earlier this month.
English: A solar panel used at the Ecological ...The SEC alleges that MSGI Technology Solutions and its CEO defrauded investors by touting a joint venture to develop and manage solar energy farms across the country on land purportedly owned by an electricity provider.  The two individuals co-authored press releases falsely portraying MSGI as a successful renewable energy company on the brink of profitable solar energy projects.  However, MSGI had no operations, customers, or revenue at the time, and the company did not actually possess any of the assets or financing needed to develop the purported solar energy farms. 
The SEC previously charged the CEO and a different penny stock company and CEO that similarly issued false press releases depicting a thriving business that in reality was struggling financially.

The owner and MSGI agreed to settle the SEC’s charges.
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