2024-05-14 sec-litreleases litigation_release 65 KB 1,941 chars

SEC v. Jerry D. Guess; and Guess & Co. Corporation, Inc., No. LR-26005, District of Nebraska (May 14, 2024) — Press Release

raw: Jerry D. Guess

Jerry D. Guess, No. 8:24-cv-00172 (May 14, 2024)

Caption
United States Securities and Exchange Commission v. Guess
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summary

The SEC charged convicted felon Jerry D. Guess and Guess & Co. Corporation, Inc. for conducting a fraudulent stock offering through material misrepresentations to investors.

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The SEC alleges that from June 2021 through April 2022, the defendants falsely claimed Guess & Co. was a diversified company with millions in revenue. In reality, the company had no operations or customers, having only earned $14,650 from selling 19 computers. The defendants face charges for violating Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933.

narrative

The Securities and Exchange Commission has filed charges against Jerry D. Guess, a convicted felon, and his company, Guess & Co. Corporation, Inc., for a fraudulent stock offering. Between June 2021 and April 2022, the defendants allegedly made false and misleading statements to at least 57 investors across 12 states and one foreign country. They falsely represented that the company was a diversified enterprise in energy, healthcare, technology, and real estate with millions in revenue. However, the company actually had no operations or customers, with its only revenue consisting of $14,650 from the sale of 19 computers. The SEC is charging the defendants with violating antifraud provisions of the Securities Act of 1933. The commission is seeking permanent injunctions, civil penalties, and a permanent officer-and-director bar against Guess.

Enriched metadata

Scheme
financial-fraud (95%)
Court
District of Nebraska
Case No.
8:24-cv-00172
Entity
Jerry D. Guess
Classified financial-fraud(confidence 95%). EDGAR detection: forms 10-K/10-Q/8-K/NT 10-K· recall 67% / precision 23%. detection rule →
Statutes
Sections 17(a)(1) and 17(a)(3) of the Securities ActSections 17(a)(1) and 17(a)(3) of the Securities ActSections 17(a)(1) and 17(a)(3) of the Securities Act
Parties
Securities and Exchange CommissionGuess & Co. Corporation, Inc.Jerry D. GuessGuess & Co. Corporation
Keywords
guessjerry guesssecurities exchangeexchange commissionjerrysecuritiesconvicted felonoffering guessguess stockprospective investorsexchangecommissionsecofferingagainst

Exhibits & Attached Documents (1)

Extracted insights

Dollar amounts 1
  • $15K $14,650 $10K–$100K
Entities 2
  • company guess & co.
  • agency Securities and Exchange Commission
Triples 9
  • Securities And Exchange Commission charged Jerry D. Guess and Guess & Co. Corporation, Inc. for fraudulent offering of stock
  • Defendants made false and misleading statements to at least 57 prospective investors in at least 12 states and one foreign country
  • Defendants falsely represented that Guess & Co. was a diversified energy, health care, technology, and real estate company with millions in revenue from 2019 to 2021
  • Defendants projected that Guess & Co. would earn billions in revenue in 2021 and 2022
  • Guess & Co. had no operations, customers, or business revenue other than sales of 19 computers for $14,650
  • Securities And Exchange Commission filed complaint in U.S. District Court for the District of Nebraska alleging violations of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933
  • Securities And Exchange Commission seeks permanent and conduct-based injunctions, civil penalties, and a permanent officer-and-director bar against Jerry D. Guess
  • Securities And Exchange Commission conducted investigation by James G. O'Keefe and Wilburn Saylor, supervised by Steven L. Klawans
  • Litigation is supervised by John E. Birkenheier
PDF (from attached: complaint)
JERRY D. GUESS and GUESS & AND PLACE OF TRIAL · Source
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Extracted body text (1,941c) 
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26005 / May 14, 2024 Securities and Exchange Commission v. Jerry D. Guess, et al, No. 8:24-cv-00172 (D. Neb. filed May 9, 2024) SEC Charges Convicted Felon for Offering Fraud The Securities and Exchange Commission today announced charges against Jerry D. Guess, a convicted felon, and his company, Guess & Co. Corporation, Inc. ("Guess & Co."), alleging that the Defendants conducted a fraudulent offering of Guess & Co. stock. According to the SEC's complaint, from at least June 2021 through April 2022, the Defendants made multiple false and misleading statements of material facts to at least 57 prospective investors in at least 12 states and one foreign country to solicit them to invest in Guess & Co. stock. The complaint alleges that the Defendants falsely represented to prospective investors that Guess & Co. was a diversified energy, health care, technology, and real estate company that had earned millions of dollars in revenue from its business operations in 2019 to 2021, and they misleadingly projected the Company would earn billions in revenue in both 2021 and 2022. However, as alleged in the complaint, during the period of the offering, Guess & Co. had no operations, customers, or business revenue other than the sales of 19 computers to electronics re-sale shops for $14,650. The SEC's complaint, filed in U.S. District Court for the District of Nebraska, charges the Defendants with violating the antifraud provisions of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933. The SEC seeks permanent and conduct-based injunctions and civil penalties against the Defendants and a permanent officer-and-director bar against Guess. The SEC's investigation was conducted by James G. O'Keefe and Wilburn Saylor and supervised by Steven L. Klawans of the Chicago Regional Office. The litigation is being supervised by John E. Birkenheier. SEC Complaint
OCR text (1,941c · html-text · 99% conf) 
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26005 / May 14, 2024 Securities and Exchange Commission v. Jerry D. Guess, et al, No. 8:24-cv-00172 (D. Neb. filed May 9, 2024) SEC Charges Convicted Felon for Offering Fraud The Securities and Exchange Commission today announced charges against Jerry D. Guess, a convicted felon, and his company, Guess & Co. Corporation, Inc. ("Guess & Co."), alleging that the Defendants conducted a fraudulent offering of Guess & Co. stock. According to the SEC's complaint, from at least June 2021 through April 2022, the Defendants made multiple false and misleading statements of material facts to at least 57 prospective investors in at least 12 states and one foreign country to solicit them to invest in Guess & Co. stock. The complaint alleges that the Defendants falsely represented to prospective investors that Guess & Co. was a diversified energy, health care, technology, and real estate company that had earned millions of dollars in revenue from its business operations in 2019 to 2021, and they misleadingly projected the Company would earn billions in revenue in both 2021 and 2022. However, as alleged in the complaint, during the period of the offering, Guess & Co. had no operations, customers, or business revenue other than the sales of 19 computers to electronics re-sale shops for $14,650. The SEC's complaint, filed in U.S. District Court for the District of Nebraska, charges the Defendants with violating the antifraud provisions of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933. The SEC seeks permanent and conduct-based injunctions and civil penalties against the Defendants and a permanent officer-and-director bar against Guess. The SEC's investigation was conducted by James G. O'Keefe and Wilburn Saylor and supervised by Steven L. Klawans of the Chicago Regional Office. The litigation is being supervised by John E. Birkenheier. SEC Complaint

Related documents (1)