SEC v. Icaro Media Group, Inc.; and Paul H. Feller, No. LR-25979, Southern District of New York (Apr. 17, 2024) — Press Release

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25979 / April 17, 2024 Securities and Exchange Commission v. Icaro Media Group, Inc., et al., No. 1:24-cv-02896 (S.D.N.Y. filed Apr. 17, 2024) SEC Charges Media Company and Its CEO with Defrauding Investors The Securities and Exchange Commission announced today that it filed charges against Icaro Media Group, Inc. ("Icaro") and its CEO, Paul H. Feller ("Feller"), for allegedly engaging in a multimillion-dollar offering fraud. According to the SEC's complaint, from approximately 2017 to 2021, Feller and Icaro, a privately owned media technology company, raised more than $22 million from at least 38 investors by making fraudulent misrepresentations about Icaro's business partnerships with two multinational telecommunication companies ("Telcos"). The complaint alleges that Feller repeatedly told investors that Icaro was either about to launch, or had already launched, digital platforms and mobile phone applications with the Telcos, projecting millions of dollars in imminent revenue streams from those business partnerships. In reality, Icaro had not launched and was not poised to launch any such products. The complaint further alleges that Feller falsely told investors that high-profile business leaders were coming in as strategic investors. The SEC's complaint, filed in U.S. District Court for the Southern District of New York, charges Icaro and Feller with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against all defendants, and an officer and director bar against Feller. The SEC's investigation was conducted by Brenda Chang, Liora Sukhatme, Elizabeth Baier, and Adam Grace of the New York Regional Office and supervised by Tejal Shah. The SEC's litigation is being handled by Abigail Rosen and supervised by Alex Vasilescu. SEC Complaint

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25979 / April 17, 2024 Securities and Exchange Commission v. Icaro Media Group, Inc., et al., No. 1:24-cv-02896 (S.D.N.Y. filed Apr. 17, 2024) SEC Charges Media Company and Its CEO with Defrauding Investors The Securities and Exchange Commission announced today that it filed charges against Icaro Media Group, Inc. ("Icaro") and its CEO, Paul H. Feller ("Feller"), for allegedly engaging in a multimillion-dollar offering fraud. According to the SEC's complaint, from approximately 2017 to 2021, Feller and Icaro, a privately owned media technology company, raised more than $22 million from at least 38 investors by making fraudulent misrepresentations about Icaro's business partnerships with two multinational telecommunication companies ("Telcos"). The complaint alleges that Feller repeatedly told investors that Icaro was either about to launch, or had already launched, digital platforms and mobile phone applications with the Telcos, projecting millions of dollars in imminent revenue streams from those business partnerships. In reality, Icaro had not launched and was not poised to launch any such products. The complaint further alleges that Feller falsely told investors that high-profile business leaders were coming in as strategic investors. The SEC's complaint, filed in U.S. District Court for the Southern District of New York, charges Icaro and Feller with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against all defendants, and an officer and director bar against Feller. The SEC's investigation was conducted by Brenda Chang, Liora Sukhatme, Elizabeth Baier, and Adam Grace of the New York Regional Office and supervised by Tejal Shah. The SEC's litigation is being handled by Abigail Rosen and supervised by Alex Vasilescu. SEC Complaint