SEC Charges California-Based Lawyer with Issuing Fraudulent Legal Opinion Letters

The SEC charged a California-based lawyer for fraudulently producing baseless legal opinion letters for penny stocks through his website without doing the required due diligence by researching and evaluating the individual stock offerings. These opinion letters contained false and misleading statements, and facilitated the sale of securities in violation of the registration sections of the federal securities laws. The lawyer is being charged with violating Sections 5(a), 5(c), and 17(a) of the Securities Act, as well as Section 10(b) and Rule 10b-5of the Exchange Act.

View Complaint in full here (links externally to SEC website).See also: Press Release.