SEC v. Annetta Budhu, No. LR-25631, Southern District of New York (Feb. 3, 2023) — Press Release
raw: Annetta Budhu
Annetta Budhu, No. 1:18-cv-1530 (Feb. 3, 2023)
Annetta Budhu obtained a final judgment for her role in a microcap fraud scheme to inflate Arias Intel Corp. stock, resulting in a penny stock bar and $10,000 in total penalties.
Annetta Budhu was charged with violating antifraud provisions of the Securities Exchange Act of 1934 for inflating the price and volume of Arias Intel Corp. (ASNT) stock. She profited $5,000 through deceptive share sales and by lying to a transfer agent. The final judgment requires Budhu to pay $5,000 in disgorgement plus interest and a $5,000 civil penalty.
The SEC obtained a final judgment against Annetta Budhu for her involvement in a microcap fraud scheme targeting Arias Intel Corp. (ASNT). Budhu participated in a scheme to artificially inflate the stock's price and volume by selling shares and deceiving a transfer agent. She was charged with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. To resolve the matter, Budhu consented to a permanent injunction and a penny stock bar without admitting or denying the allegations. Her financial settlement includes $5,000 in disgorgement, prejudgment interest, and a $5,000 civil penalty. The litigation was handled by the SEC’s New York Regional Office with assistance from the FBI and the U.S. Attorney’s Office.
Extracted insights
- $5K $5,000 <$10K
- person annetta budhu
- person christopher dunnigan
- person final judgment
- person fraudulent scheme
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- person transfer agent
- organization Transfer Agent
- Securities And Exchange Commission obtains Final Judgment
- Annetta Budhu involved in Fraudulent Scheme
- Annetta Budhu profited $5,000
- Securities And Exchange Commission alleged Antifraud Provisions Violation
- Annetta Budhu sold Shares
- Annetta Budhu lied to Transfer Agent
- Annetta Budhu agreed to pay Disgorgement Of $5,000
- Annetta Budhu agreed to pay Civil Penalty Of $5,000
- Christopher Dunnigan handled Securities And Exchange Commission Litigation
- Securities And Exchange Commission appreciates U.S. Attorney's Office Assistance
- Securities And Exchange Commission appreciates Federal Bureau Of Investigation Assistance
SEC Obtains Final Judgment in Microcap Fraud Litigation Litigation Release No. 25631 / February 3, 2023 Securities and Exchange Commission v. Giguiere et al., No. 1:18-cv-1530 (S.D. Ca. filed July 6, 2018). On January 31, 2023, the U.S. District Court for the Southern District of New York entered a final judgment against Annetta Budhu obtaining injunctive relief, a penny stock bar, disgorgement, and a civil penalty. According to the SEC's complaint, Budhu was involved in a fraudulent scheme to inflate the price and volume of the stock of Arias Intel Corp. ("ASNT") in which she profited $5,000. The SEC alleged that as part of the scheme, Budhu sold shares and lied to a transfer agent about the sale. The SEC's complaint charged Budhu with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Without admitting or denying the SEC's allegations, Budhu consented to a final judgment in which she agreed to be permanently enjoined from violations of the charged provisions and agreed to a penny stock bar. She additionally agreed to pay disgorgement of $5,000, prejudgment interest thereon, and a civil penalty of $5,000. On January 31, 2023, the Court entered the final judgment. The SEC's litigation is being handled by Christopher Dunnigan, Christine Ely, and Lindsay Moilanen of the New York Regional Office and is being supervised by Sheldon L. Pollock. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of California and the Federal Bureau of Investigation.SEC Obtains Final Judgment in Microcap Fraud Litigation Litigation Release No. 25631 / February 3, 2023 Securities and Exchange Commission v. Giguiere et al., No. 1:18-cv-1530 (S.D. Ca. filed July 6, 2018). On January 31, 2023, the U.S. District Court for the Southern District of New York entered a final judgment against Annetta Budhu obtaining injunctive relief, a penny stock bar, disgorgement, and a civil penalty. According to the SEC's complaint, Budhu was involved in a fraudulent scheme to inflate the price and volume of the stock of Arias Intel Corp. ("ASNT") in which she profited $5,000. The SEC alleged that as part of the scheme, Budhu sold shares and lied to a transfer agent about the sale. The SEC's complaint charged Budhu with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Without admitting or denying the SEC's allegations, Budhu consented to a final judgment in which she agreed to be permanently enjoined from violations of the charged provisions and agreed to a penny stock bar. She additionally agreed to pay disgorgement of $5,000, prejudgment interest thereon, and a civil penalty of $5,000. On January 31, 2023, the Court entered the final judgment. The SEC's litigation is being handled by Christopher Dunnigan, Christine Ely, and Lindsay Moilanen of the New York Regional Office and is being supervised by Sheldon L. Pollock. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of California and the Federal Bureau of Investigation.