SEC v. Christian Gallo, No. LR-21420, Southern District of Florida (Feb. 22, 2010) — Press Release
raw: In Re Application for an Order Enforcing Administrative Subpoena
In Re Application for an Order Enforcing Administrative Subpoena, No. 1:10-mc-20444 (Feb. 22, 2010)
Christian Gallo, president and CEO of BIH Corporation, is accused of failing to comply with SEC subpoenas related to an investigation into possible antifraud and securities registration violations.
The U.S. Securities and Exchange Commission (SEC) filed a subpoena enforcement action against Christian Gallo of Staten Island, New York, for failing to comply with investigative subpoenas related to BIH Corporation. The SEC alleges Gallo is the true president and CEO of BIH, despite public claims attributing the role to 'Cris Galo', and is under investigation for potential violations of federal securities registration and antifraud laws. The subpoenas, issued in September and November 2009, demanded documents and testimony, but Gallo failed to produce any materials or appear for questioning without valid justification.
The U.S. Securities and Exchange Commission (SEC) filed a subpoena enforcement action against Christian Gallo of Staten Island, New York, for failing to comply with investigative subpoenas related to BIH Corporation, a Nevada-based company trading over-the-counter without registering its stock or filing reports. The SEC alleges Gallo is the true president and CEO of BIH, despite public claims attributing the role to 'Cris Galo', and is under investigation for potential violations of federal securities registration and antifraud laws. The investigation concerns the offer, purchase, or sale of BIH securities. The subpoenas, issued in September and November 2009, demanded documents and testimony, but Gallo failed to produce any materials or appear for questioning without valid justification. The SEC seeks a court order to compel compliance, with no hearing yet scheduled; no charges have been filed at this stage, and no dollar amounts or specific fraudulent transactions are detailed in the filing. The SEC's application and supporting papers were filed in the United States District Court for the Southern District of Florida.
Extracted insights
- organization Bih Corporation
- person Christian Gallo
- location florida
- location Fort Myers
- location nevada
- location New York
- agency Securities and Exchange Commission
- location Staten Island
- organization United States District Court For The Southern District Of Florida
- SEC filed an application for an order enforcing administrative subpoena against Christian Gallo
- SEC announced filing of subpoena enforcement action against Staten Island resident Christian Gallo on February 11, 2010
U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 21420 / February 22, 2010In Re Application for an Order Enforcing Administrative Subpoena, (United States District Court for the Southern District of Florida, Docket No. 1:10-mc-20444)SEC Files Subpoena Enforcement Action Against Staten Island Resident Christian GalloThe Securities and Exchange Commission announced today that, on February 11, 2010, it filed an application in the United States District Court for the Southern District of Florida for an order enforcing administrative subpoena served on Christian Gallo of Staten Island, New York.The Commission's application and supporting papers allege that, on February 5, 2009, the Commission issued a Formal Order of Private Investigation entitled, In the Matter of BIH Corporation. BIH is a Nevada corporation based in Fort Myers, Florida, which purports to be a holding company in the restaurant and hospitality industry. Its stock is publicly trading in the over-the-counter markets. BIH's stock is not registered with the Commission, nor does the company file reports with the Commission. According to the Commission's application and supporting papers, its staff is investigating, among other things, whether any persons or entities, including but not limited to Gallo, committed violations of the registration and antifraud provisions of the federal securities laws relating to the offer, purchase or sales of BIH securities.According to the Commission's application, BIH's press releases claim that a Cris Galo is its president and chief executive officer. However, during the Commission's investigation it was alleged that Gallo is BIH's president and chief executive officer. On September 22, 2009, and again on November 4, 2009, the Commission issued investigative subpoenas to Gallo in the course of its investigation into possible violations of the antifraud and securities registration provisions of the federal securities laws. The subpoenas required Gallo to produce documents relevant to the investigation and to appear before the Commission staff for testimony. The Commission alleges that Gallo, as of the date of its application, failed to produce any of the subpoenaed documents and failed to appear for testimony. According to the Commission's application, Gallo has no valid justification for his failure to comply with the subpoenas, and a court order is necessary to compel him to produce the subpoenaed documents and to appear for testimony.A hearing on the Commission's application has not yet been scheduled.
U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 21420 / February 22, 2010In Re Application for an Order Enforcing Administrative Subpoena, (United States District Court for the Southern District of Florida, Docket No. 1:10-mc-20444)SEC Files Subpoena Enforcement Action Against Staten Island Resident Christian GalloThe Securities and Exchange Commission announced today that, on February 11, 2010, it filed an application in the United States District Court for the Southern District of Florida for an order enforcing administrative subpoena served on Christian Gallo of Staten Island, New York.The Commission's application and supporting papers allege that, on February 5, 2009, the Commission issued a Formal Order of Private Investigation entitled, In the Matter of BIH Corporation. BIH is a Nevada corporation based in Fort Myers, Florida, which purports to be a holding company in the restaurant and hospitality industry. Its stock is publicly trading in the over-the-counter markets. BIH's stock is not registered with the Commission, nor does the company file reports with the Commission. According to the Commission's application and supporting papers, its staff is investigating, among other things, whether any persons or entities, including but not limited to Gallo, committed violations of the registration and antifraud provisions of the federal securities laws relating to the offer, purchase or sales of BIH securities.According to the Commission's application, BIH's press releases claim that a Cris Galo is its president and chief executive officer. However, during the Commission's investigation it was alleged that Gallo is BIH's president and chief executive officer. On September 22, 2009, and again on November 4, 2009, the Commission issued investigative subpoenas to Gallo in the course of its investigation into possible violations of the antifraud and securities registration provisions of the federal securities laws. The subpoenas required Gallo to produce documents relevant to the investigation and to appear before the Commission staff for testimony. The Commission alleges that Gallo, as of the date of its application, failed to produce any of the subpoenaed documents and failed to appear for testimony. According to the Commission's application, Gallo has no valid justification for his failure to comply with the subpoenas, and a court order is necessary to compel him to produce the subpoenaed documents and to appear for testimony.A hearing on the Commission's application has not yet been scheduled.