“The disclosures of U.S.-listed Chinese companies have not met the threshold of disclosure for other companies headquartered in the U.S."
The SEC says Ofer Abarbanel and Victor Chilelli misappropriated investor funds to buy Treasury securities for themselves.
The SEC says the lawyers played a "crucial role" in passing off at least 22 shell companies as legitimate startups.
David Lubin allegedly participated in a scheme that realized $34 million in illicit proceeds from the sale of shares in a company he co-founded.
The SEC says Sheldon Rose sold more than a dozen blank check companies disguised as promising startups to investors.
The anti-money laundering action means buyers of high-end property in Manhattan and Miami can no longer hide behind shell companies.
Doing so puts the 128 dormant penny-stock companies out of reach of 'microcap fraudsters,' says the Securities and Exchange Commission.
Reverse mergers are making a comeback, but so are the scam artists that peddle them.
