2020-10-08 sec-litreleases litigation_release 66 KB 1,758 chars

SEC v. Nanotech Engineering, Inc.; Michael James Sweaney (also known as Michael Hatton); David Sweaney; and Jeffery Gange, No. LR-24942, District of Columbia (Oct. 8, 2020) — Press Release

raw: Nanotech Engineering, Inc., Michael James Sweaney (also known as Michael Hatton), David Sweaney, and Jeffery Gange

Nanotech Engineering, Inc., Michael James Sweaney (also known as Michael Hatton), David Sweaney, and Jeffery Gange, No. LR-24942 (D.D.C. Oct. 8, 2020)

Caption
SEC v. Nanotech Engineering, Inc, et al.
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summary

The SEC sued Nanotech Engineering, Inc

paragraph

The SEC sued Nanotech Engineering, Inc. and its top executives—CEO David Sweaney, CFO Michael James Sweaney, and COO Jeffery Gange—alleging they ran a complete fraud in which the company’s touted “Nanopanel” solar technology never existed and more than 100 investors were deceived. The complaint claims the scheme raised investor funds that were misappropriated, though the filing does not specify a total dollar amount. A U.S. District Court entered a partial judgment against David Sweaney, permanently enjoining him from violating the antifraud provisions of the Securities Act and Exchange Act, barring him from serving as an officer or director of any public company, and ordering disgorgement, prejudgment interest and a civil penalty to be set later. The SEC has also filed an amended complaint and continues its investigation, with further relief pending.

narrative

The SEC sued Nanotech Engineering, Inc. and its top executives—CEO David Sweaney, CFO Michael James Sweaney, and COO Jeffery Gange—alleging they ran a complete fraud in which the company’s touted “Nanopanel” solar technology never existed and more than 100 investors were deceived. The complaint claims the scheme raised investor funds that were misappropriated, though the filing does not specify a total dollar amount. A U.S. District Court entered a partial judgment against David Sweaney, permanently enjoining him from violating the antifraud provisions of the Securities Act and Exchange Act, barring him from serving as an officer or director of any public company, and ordering disgorgement, prejudgment interest and a civil penalty to be set later. The SEC has also filed an amended complaint and continues its investigation, with further relief pending. The SEC obtained a partial judgment against David Sweaney, CEO of California-based Nanotech Engineering, Inc., permanently enjoining him from violating securities antifraud laws and barring him from serving as an officer or director of any public company. The SEC alleged that Sweaney and co-defendants defrauded over 100 investors by falsely promoting a non-existent “Nanopanel” solar technology, with the company being entirely fraudulent. Sweaney is ordered to pay disgorgement, prejudgment interest, and a civil penalty, with amounts to be determined later. The SEC’s amended complaint confirmed the Nanopanel never existed, and litigation continues against other defendants, including CFO Michael James Sweaney and COO Jeffery Gange. The investigation and enforcement action remain ongoing. The SEC obtained a partial judgment against David Sweaney, CEO of Nanotech Engineering, Inc., a California solar panel company, for allegedly defrauding over 100 investors. The judgment permanently enjoins Sweaney from violating antifraud provisions and bars him from serving as an officer or director of a public company, with the amount of disgorgement, prejudgment interest, and civil penalty to be determined. The SEC amended its complaint, alleging that Nanotech was entirely a fraud and its "Nanopanel" solar technology never existed. The litigation is ongoing, with the SEC continuing its investigation and legal proceedings.

Enriched metadata

Scheme
pre-ipo-fraud (95%)
Court
District of Columbia
Victims
100
Entity
David Sweaney
Classified pre-ipo-fraud(confidence 95%). EDGAR detection: forms S-1/Form D/1-A· recall 72% / precision 8%. detection rule →
Statutes
Section 17(a) of the Securities ActSection 10(b) of the Securities Exchange ActRule 10b-5
Parties
Securities and Exchange CommissionNanotech Engineering, Inc.Michael James Sweaney (also known as Michael Hatton)David SweaneyJeffery Gange
Keywords
david sweaneysweaneymichaeldavidnanotech engineeringmichael jamesjames sweaneyjeffery gangenanotechsweaney knownknown michaelmichael hattonhatton davidsweaney jefferysolar panel

Exhibits & Attached Documents (2)

Extracted insights

Entities 10
  • company california solar panel company
  • company ceo of california solar panel company
  • person david sweaney
  • person jeffery gange
  • person michael hatton
  • person michael james sweaney
  • company nanotech engineering, inc.
  • court on october 6, 2020, the u.s. district court
  • agency Securities and Exchange Commission
  • court u.s. district court
Triples 35
  • SEC obtained judgment against Nanotech Engineering, Inc., Michael James Sweaney, David Sweaney, and Jeffery Gange
  • Securities and Exchange Commission announced judgment on October 6, 2020
  • U.S. District Court issued judgment October 6, 2020
  • Nanotech Engineering, Inc. is California solar panel company
  • Michael James Sweaney is also known as Michael Hatton
  • Securities and Exchange Commission v. Nanotech Engineering, Inc. filed December 5, 2019
  • SEC obtains judgment against CEO of California Solar Panel Company
  • SEC announced on October 6, 2020, the U.S. District Court
  • SEC obtains judgment against CEO of California solar panel company Nanotech Engineering, Inc., Michael James Sweaney (also known as Michael Hatton), David Sweaney, and Jeffery Gange
  • SEC filed lawsuit against Nanotech Engineering, Inc., Michael James Sweaney (also known as Michael Hatton), David Sweaney, and Jeffery Gange
  • SEC obtains judgment against CEO of California solar panel company Nanotech Engineering, Inc., Michael James Sweaney, David Sweaney, and Jeffery Gange
  • SEC filed lawsuit against Nanotech Engineering, Inc., Michael James Sweaney, David Sweaney, and Jeffery Gange in U.S. District Court for the District of Columbia
  • SEC announced judgment on October 6, 2020, against Nanotech Engineering, Inc., Michael James Sweaney, David Sweaney, and Jeffery Gange
  • Securities and Exchange Commission announced judgment against CEO of California solar panel company
  • Nanotech Engineering, Inc. faced legal action by SEC
  • Michael James Sweaney was charged with fraudulent activities
  • David Sweaney was charged with fraudulent activities
  • Jeffery Gange was charged with fraudulent activities
  • SEC filed lawsuit against Nanotech Engineering, Inc. and individuals
  • U.S. District Court issued judgment on October 6, 2020
  • SEC obtained judgment against CEO of California solar panel company
  • Securities and Exchange Commission obtained judgment against Nanotech Engineering, Inc., Michael James Sweaney (also known as Michael Hatton), David Sweaney, and Jeffery Gange
  • SEC obtains judgment against CEO of California Solar Panel Company
  • SEC announced judgment against CEO of California Solar Panel Company
  • SEC obtains judgment against CEO of California Solar Panel Company
  • U.S. District Court filed Securities and Exchange Commission v. Nanotech Engineering, Inc.
  • Michael James Sweaney known as Michael Hatton
  • SEC announced judgment against Nanotech Engineering, Inc.
  • SEC filed Securities and Exchange Commission v. Nanotech Engineering, Inc.
  • Michael James Sweaney charged as CEO of California Solar Panel Company
  • David Sweaney charged along with Michael James Sweaney
  • Jeffery Gange charged along with Michael James Sweaney
  • SEC obtains judgment against Michael James Sweaney
  • SEC obtains judgment against David Sweaney
  • SEC obtains judgment against Jeffery Gange
PDF (from attached: complaint)
known as Michael Hatton), DAVID : Case No. 19-cv-3633 (ABJ) · Source
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Extracted body text (1,758c) 
SEC Obtains Judgment Against CEO of California Solar Panel Company Litigation Release No. 24942 / October 8, 2020 Securities and Exchange Commission v. Nanotech Engineering, Inc., Michael James Sweaney (also known as Michael Hatton), David Sweaney, and Jeffery Gange, No. 19-cv-3633 (D.D.C. filed December 5, 2019) The Securities and Exchange Commission announced that on October 6, 2020, the U.S. District Court for the District of Columbia entered a partial judgment against David Sweaney, the CEO of Nanotech Engineering, Inc., a California solar panel company. The SEC previously obtained a preliminary injunction and asset freeze against Nanotech, David Sweaney, CFO Michael James Sweaney, and COO Jeffery Gange for allegedly defrauding more than 100 investors. The judgment against David Sweaney permanently enjoins him from 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, permanently bars him from acting as an officer or director of any public company, and orders him to pay disgorgement, prejudgment interest, and a civil penalty in an amount to be determined upon a motion of the SEC. The SEC also filed an amended complaint adding allegations that Nanotech was entirely a fraud, and that its purported revolutionary solar panel, the "Nanopanel," never existed. The litigation is ongoing. The SEC's continuing litigation is led by Gregory Bockin and Christopher Bruckmann and supervised by Stephan Schlegelmilch. The SEC's investigation, which is ongoing, is being conducted by Pei Chung, Elizabeth Doisy and Jeffrey Anderson and supervised by Deborah A. Tarasevich and Jennifer Leete. SEC Complaint Final Judgment - David Sweaney
OCR text (1,758c · html-text · 99% conf) 
SEC Obtains Judgment Against CEO of California Solar Panel Company Litigation Release No. 24942 / October 8, 2020 Securities and Exchange Commission v. Nanotech Engineering, Inc., Michael James Sweaney (also known as Michael Hatton), David Sweaney, and Jeffery Gange, No. 19-cv-3633 (D.D.C. filed December 5, 2019) The Securities and Exchange Commission announced that on October 6, 2020, the U.S. District Court for the District of Columbia entered a partial judgment against David Sweaney, the CEO of Nanotech Engineering, Inc., a California solar panel company. The SEC previously obtained a preliminary injunction and asset freeze against Nanotech, David Sweaney, CFO Michael James Sweaney, and COO Jeffery Gange for allegedly defrauding more than 100 investors. The judgment against David Sweaney permanently enjoins him from 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, permanently bars him from acting as an officer or director of any public company, and orders him to pay disgorgement, prejudgment interest, and a civil penalty in an amount to be determined upon a motion of the SEC. The SEC also filed an amended complaint adding allegations that Nanotech was entirely a fraud, and that its purported revolutionary solar panel, the "Nanopanel," never existed. The litigation is ongoing. The SEC's continuing litigation is led by Gregory Bockin and Christopher Bruckmann and supervised by Stephan Schlegelmilch. The SEC's investigation, which is ongoing, is being conducted by Pei Chung, Elizabeth Doisy and Jeffrey Anderson and supervised by Deborah A. Tarasevich and Jennifer Leete. SEC Complaint Final Judgment - David Sweaney

Related documents (2)