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by Mike Caswell
The U.S. Securities and Exchange Commission has obtained $2.1-million in penalties against an Israeli group that it accused of running a shell factory scheme from 2010 to 2014. (All figures are in U.S. dollars.) The SEC claims that the group created shells by using false business plans and by using nominee officers and directors, then sold the shells, generating $1.8-million in gains. The shells that the scheme produced included one later run by Vancouver's Robert Gardner that attracted a halt from the SEC in 2014.
The penalties, announced by the SEC on Friday, Feb. 16, apply mostly to three Israeli men: Sharone Perlstein, Aric Swartz and Hadas Yaron. Also fined were a Washington, D.C., lawyer, Jonathan Strum; an Israeli accountant, Alan Weinberg; and a Maryland accountant, Simcha Baer. With the exception of Mr. Baer, the men all agreed to pay fines. On top of that, Mr. Perlstein, Mr. Swartz and Mr. Yaron have accepted penny stock bans. The sanctions represent negotiated settlements, in which the men did not admit any wrongdoing.
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