SEC v. mUrgent Corporation; Vladislav Walter Bugarski; Vladimir Boris Bugarski; and Aleksander Negovan Bugarski, No. LR-21944, Central District of California (Apr. 21, 2011) — Press Release
raw: mUrgent Corporation, et al.
mUrgent Corporation, et al., No. LR-21944 (Apr. 21, 2011)
mUrgent Corporation and its executives, Vladislav Walter Bugarski, Vladimir Boris Bugarski, and Aleksander Negovan Bugarski, were charged with a $10 million boiler room fraud scheme, misusing investor funds for personal expenses, and face SEC charges with a pending outcome.
The SEC alleged that mUrgent Corporation and its executives defrauded investors in a $10 million boiler room scheme, using high-pressure cold-calling tactics to deceive at least 130 investors. The defendants misused investor funds, diverting over $1.3 million to pay themselves salaries and bonuses, and an additional $500,000 for a slush fund and luxury expenses. The SEC charged the defendants with violating antifraud, offering registration, and broker registration provisions of federal securities laws.
The U.S. Securities and Exchange Commission charged mUrgent Corporation and its three executive owners—Vladislav Walter Bugarski, Vladimir Boris Bugarski, and Aleksander Negovan Bugarski—with orchestrating a $10 million boiler room fraud. The defendants used high-pressure cold-calling tactics to deceive at least 130 investors, falsely claiming the company was poised for an IPO and that proceeds would fund business growth, while secretly diverting over $1.3 million in investor funds to pay themselves salaries and bonuses. An additional $500,000 was used for a slush fund and luxury personal expenses. The SEC alleged violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Sections 10(b) and 15(a)(1) of the Securities Exchange Act of 1934, along with Rule 10b-5, due to unregistered offerings and fraudulent misrepresentations. The SEC seeks permanent injunctions, disgorgement of ill-gotten gains, civil penalties, and a ban on the Bugarskis serving as officers or directors of public companies. The outcome of the case is pending.
Exhibits & Attached Documents (1)
Extracted insights
- $10.00M $10 MILLION $10M–$100M
- $10.00M $10 million $10M–$100M
- $1.30M $1.3 million $1M–$10M
- $500K $500,000 $100K–$1M
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- Securities and Exchange Commission charged mUrgent Corporation and three executives with $10 million boiler room fraud
- Securities and Exchange Commission filed a complaint against mUrgent Corporation, Vladislav Walter Bugarski, and his twin sons in U.S. District Court
- mUrgent Corporation is based in Santa Ana
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 21944 / April 21, 2011 Securities and Exchange Commission v. mUrgent Corporation, et al., United States District Court for the Central District of California, Civil Action No. SACV11-626 DOC (SSx) SEC CHARGES SANTA ANA-BASED COMPANY AND THREE EXECUTIVES WITH $10 MILLION BOILER ROOM FRAUD On April 21, 2011, the Securities and Exchange Commission filed a complaint in the United States District Court for the Central District of California against mUrgent Corporation, Vladislav Walter Bugarski (Walter), and his twin sons Vladimir Boris Bugarski (Boris) and Aleksander Negovan Bugarski (Aleks). The SEC alleges that the defendants defrauded investors in a $10 million boiler room scheme. The SEC alleges that mUrgent, chief executive officer Boris Bugarski, chief financial officer Walter Bugarski, and chief operating officer Aleks Bugarski operated a boiler room at the company to sell mUrgent stock. Boiler room employees cold-called investors, used high pressure sales tactics, and misrepresented to investors that mUrgent had a prospering business and would imminently conduct an initial public offering (IPO). The SEC also alleges that mUrgent and the Bugarskis falsely told investors that stock sale proceeds would not be used to pay cash salaries to the Bugarskis. According to the SEC's complaint, mUrgent and the Bugarskis conducted two unregistered securities offerings beginning in 2008 that raised nearly $10 million from at least 130 investors nationwide. The Bugarskis misused investor money to fund more than $1.3 million in cash salary and bonuses for themselves. They also established a separate "slush fund" of more than $500,000, and used investor funds to pay for luxury cars and other personal expenses. The SEC seeks permanent injunctions against mUrgent and the Bugarskis for violations of the antifraud, offering registration, and broker registration provisions of the federal securities laws, disgorgement, civil penalties, and an order prohibiting the Bugarskis from serving as officers or directors of any public company. As alleged in the SEC's complaint, the defendants violated Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 and Sections 10(b) and 15(a)(1) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. SEC Complaint in this matter
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 21944 / April 21, 2011 Securities and Exchange Commission v. mUrgent Corporation, et al., United States District Court for the Central District of California, Civil Action No. SACV11-626 DOC (SSx) SEC CHARGES SANTA ANA-BASED COMPANY AND THREE EXECUTIVES WITH $10 MILLION BOILER ROOM FRAUD On April 21, 2011, the Securities and Exchange Commission filed a complaint in the United States District Court for the Central District of California against mUrgent Corporation, Vladislav Walter Bugarski (Walter), and his twin sons Vladimir Boris Bugarski (Boris) and Aleksander Negovan Bugarski (Aleks). The SEC alleges that the defendants defrauded investors in a $10 million boiler room scheme. The SEC alleges that mUrgent, chief executive officer Boris Bugarski, chief financial officer Walter Bugarski, and chief operating officer Aleks Bugarski operated a boiler room at the company to sell mUrgent stock. Boiler room employees cold-called investors, used high pressure sales tactics, and misrepresented to investors that mUrgent had a prospering business and would imminently conduct an initial public offering (IPO). The SEC also alleges that mUrgent and the Bugarskis falsely told investors that stock sale proceeds would not be used to pay cash salaries to the Bugarskis. According to the SEC's complaint, mUrgent and the Bugarskis conducted two unregistered securities offerings beginning in 2008 that raised nearly $10 million from at least 130 investors nationwide. The Bugarskis misused investor money to fund more than $1.3 million in cash salary and bonuses for themselves. They also established a separate "slush fund" of more than $500,000, and used investor funds to pay for luxury cars and other personal expenses. The SEC seeks permanent injunctions against mUrgent and the Bugarskis for violations of the antifraud, offering registration, and broker registration provisions of the federal securities laws, disgorgement, civil penalties, and an order prohibiting the Bugarskis from serving as officers or directors of any public company. As alleged in the SEC's complaint, the defendants violated Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 and Sections 10(b) and 15(a)(1) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. SEC Complaint in this matter