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Florida Man Implicated in Scam Involving Black Check Companies’ Stocks

The U.S. Securities and Exchange Commission has filed civil fraud charges against Sheldon R. Rose. The Florida man established over a dozen blank check companies, which the SEC contends are worthless and have no operations despite that they are registered to sell stock. 

 

According to the regulator, Rose appointed relatives and friends as figurehead officers and shareholders but concealed that he was the one controlling the entities and their securities. Although corporate filings made it seem as if the companies were legitimate startups, the SEC contends that this was only so that reverse mergers could be conducted, the  securities could be sold, and Rose and others could profit illicitly.

 

In addition to settling the civil charges, Rose is barred from engaging in penny stock offerings in the future or working as a director/officer of a public company. He also faces criminal charges. 

 

Rose’s civil case is connected to the one that the  SEC filed last year against 10 individuals in a penny stock scam involving blank check companies headed for reverse mergers. 

 

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