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Try CasePortal for FreeJ. Snyder grants the SEC's motion for default judgment and permanently enjoins a beverage company from future violations of the Securities Act. The SEC alleges that individuals falsely promoted the company to investors, including overstating revenue and falsely claiming that the company had received acquisition offers for hundreds of millions of dollars. The SEC alleges that the individuals misappropriated half of the $15 million that the company raised and used it for personal expenses. In the absence of default judgment, the SEC would have no way to enforce the Securities Act or the Exchange Act against the company and individuals. The SEC has shown that the company is liable for fraud and that it sold stock without filing a registration statement with the SEC.