SEC Charges Former Chairman of Board in Connection with a Fraudulent Plan To Evade the Beneficial Ownership Reporting Requirements

The SEC announced it filed a civil action against Lee S. Rosen, the former Chairman of the Board of publicly traded New Generation Biofuels Holdings, Inc., alleging that he fraudulently evaded the reporting requirements concerning his ownership interest in New Generation shares held in five separate trusts in violation of the antifraud provisions and beneficial reporting provisions of the federal securities laws. According to the complaint, at various times from June 2007 through May 2010, Rosen, directly or indirectly profited from the sale of New Generation shares held in two of the five trusts. Further, the complaint alleges that Rosen failed to disclose these transactions and his true holdings in New Generation securities in various Commission filings and that Rosen made false and misleading statements and omissions in Commission filings regarding his true beneficial ownership of New Generation shares.

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

Premium Content

Available only to Premium subscribers.

 

Tags