The SEC has charged a Florida man it claims misappropriated $7 million from investors and lied about his crypto-payment and coronavirus-testing app
- The SEC charged Aron Govil with misappropriating over $7 million in investor funds in his company, Cemtrex.
- The SEC also said Govil lied to investors that his company, Telidyne, had created an app that could transact with
cryptoand was working on a COVID-19 detection app.
- Govil agreed to pay $1.2 million to settle the SEC's claims but did not amid or deny the regulator's allegations, according to Bloomberg.
The US Securities and Exchange Commission has charged a Florida man with defrauding investors in two companies where he was a controlling shareholder and officer, the regulator said Tuesday.According to SEC allegations, Aron Govil of Jacksonville, Florida misappropriated more than $7 million of investor funds in Cemtrex between April 2016 and January 2018. He used funds to finance his personal business ventures and to pay his personal expenses, the US regulator said. The SEC also claims Govil also paid stock promoters to recommend retail investors buy Cemtrex stock while he secretly sold the stock.
View all Offers
- 17% OFF
Mi Smart Band 5 – India’s No. 1 Fitness Band, 1.1-inch AMOLED Color Display, Magnetic Charging, 2 Weeks Battery Life, Personal Activity Intelligence (PAI), Women’s Health Tracking₹ 2499₹ 2999Buy On
- 25% OFF
Samsung Galaxy M31 (Ocean Blue, 6GB RAM, 128GB Storage)₹ 14999₹ 19999Buy On
- 75% OFF
OFIXO Multi-Purpose Laptop Table/Study Table/Bed Table/Foldable and Portable Wooden/Writing Desk (Wooden)₹ 492₹ 1999Buy On
- 62% OFF
Boya BYM1 Omnidirectional Lavalier Condenser Microphone with 20ft Audio Cable (Black)₹ 750₹ 1995Buy On
- 63% OFF
Samsung EVO Plus 64GB microSDXC UHS-I 100MB/s Full HD & 4K UHD Memory Card with Adapter (MB-MC64HA)₹ 699₹ 1899Buy On
The SEC said these statements allegedly were false because the app did not have crypto functionality and Telidyne had not worked on a COVID-19 app.Govil was charged with violations of antifraud provisions of the federal securities law as well as violations of sections of the Securities Exchange Act which requires major shareholders to disclose their transactions in a company's stock.
Govil agreed to pay $1.2 million to settle the SEC's claims but did not amid or deny the regulator's allegations, according to Bloomberg.Read more: BANK OF AMERICA: Buy these 7 bargain insurance stocks set to deliver high yields and low volatility, with 4 set to soar by over 40%
- Axis Bank, Tata Motors, L&T and other top stocks to watch out for on July 27
- Canon’s new patent hints at a telephoto lens attachment for smartphones under development
- Kerala-based ESAF Small Finance Bank looks to raise ₹998 crore through IPO
- Meet BeachBot, a beach rover that uses AI to remove cigarette butts from beaches
- Amazon Prime Day 2021: Best deals and offers on health and household products