SEC v. Kevin R. Kuhnash; and Jason P. Jimerson, No. LR-24859, Southern District of Indiana (July 29, 2020) — Press Release
raw: Kevin R. Kuhnash and Jason P. Jimerson
Kevin R. Kuhnash and Jason P. Jimerson, No. LR-24859 (July 29, 2020)
summary
Former Lucent Polymers executives Kevin R. Kuhnash and Jason P. Jimerson pleaded guilty to securities fraud and money laundering for concealing a sham business model during a 2013 acquisition.
paragraph
Former CEO Kevin R. Kuhnash and former COO Jason P. Jimerson pleaded guilty to multiple counts of securities fraud and money laundering. The executives engaged in a scheme to falsify product test data and misrepresent Lucent Polymers' business model to customers and an acquiring company. While specific dollar amounts were not disclosed, the SEC is seeking permanent injunctions, disgorgement, and civil penalties.
narrative
Former Lucent Polymers, Inc. executives Kevin R. Kuhnash and Jason P. Jimerson have pleaded guilty to criminal charges including securities fraud and money laundering. The pair orchestrated a scheme to conceal that the Indiana-based plastics manufacturer's core business model was a sham during a 2013 acquisition. To maintain the deception, the company routinely lied to customers and falsified certifications regarding product test data, such as fire-retardant measures. The executives allegedly made misrepresentations to the acquiring company and continued the fraud to secure future payments. Jimerson pleaded guilty to two counts of securities fraud, money laundering, and making false statements to federal agents, while Kuhnash pleaded guilty to two counts of securities fraud and money laundering. The SEC's ongoing civil litigation seeks permanent injunctions, disgorgement, civil monetary penalties, and officer-and-director bars.
Classified financial-fraud(confidence 90%). EDGAR detection: forms 10-K/10-Q/8-K/NT 10-K· recall 67% / precision 23%. detection rule →
Statutes
Parties
Securities and Exchange CommissionKevin R. KuhnashJason P. Jimerson
Keywords
kevin kuhnashjason jimersonkuhnashjimersonkuhnash jasonkuhnash jimersonkevinjasonformerfraudseclucent'splastics manufacturerlucent's formersecurities fraud
Exhibits & Attached Documents (1)
Extracted insights
Entities 6
- person criminal charges
- company executive of lucent polymers, inc.
- person fraud charges
- person jason jimerson
- person jason p. jimerson
- person kevin r. kuhnash
Triples 38
- Kevin R. Kuhnash pleaded guilty to fraud charges
- Jason P. Jimerson pleaded guilty to fraud charges
- Kevin R. Kuhnash plead guilty fraud charges
- Jason P. Jimerson plead guilty fraud charges
- Two former executives of Indiana-based plastics manufacturer Lucent Polymers, Inc. have pleaded guilty criminal charges filed by the U.S. Attorney for the Southern District of Indiana
- Jason Jimerson plead guilty criminal charges
- Kevin R. Kuhnash plead guilty criminal charges
- Kevin R. Kuhnash pleaded guilty to fraud charges
- Jason P. Jimerson pleaded guilty to fraud charges
- Kevin R. Kuhnash pleaded guilty to fraud charges
- Jason P. Jimerson pleaded guilty to fraud charges
- Kevin R. Kuhnash was CEO of Plastics Manufacturer
- Jason P. Jimerson was COO of Plastics Manufacturer
- Kevin R. Kuhnash was executive of Lucent Polymers, Inc.
- Jason P. Jimerson was executive of Lucent Polymers, Inc.
- Kevin R. Kuhnash is defendant in SEC litigation
- Jason P. Jimerson is defendant in SEC litigation
- U.S. Attorney for the Southern District of Indiana filed criminal charges
- SEC filed Litigation Release No. 24859
- Kevin R. Kuhnash pleaded guilty to fraud charges
- Jason P. Jimerson pleaded guilty to fraud charges
- Kevin R. Kuhnash was former CEO of Lucent Polymers, Inc.
- Jason P. Jimerson was former COO of Lucent Polymers, Inc.
- SEC filed litigation against Kevin R. Kuhnash and Jason P. Jimerson
- U.S. Attorney for the Southern District of Indiana filed criminal charges against Kevin R. Kuhnash and Jason P. Jimerson
- Litigation Release No. 24859 dated July 29, 2020
- SEC v. Kevin R. Kuhnash and Jason P. Jimerson case number 19-CV-00028 (S.D Ind.) filed Feb. 12, 2019
- United States v. Kevin Kuhnash and Jason Jimerson case number 18-CR-078 (S.D. Ind.)
- Jason Jimerson was a defendant in ongoing SEC litigation
- Kevin R. Kuhnash was a defendant in ongoing SEC litigation
- Kevin R. Kuhnash plead guilty fraud charges
- Jason P. Jimerson plead guilty fraud charges
- Kevin R. Kuhnash are former CEO of Lucent Polymers, Inc.
- Jason P. Jimerson are former Coo of Lucent Polymers, Inc.
- U.S. Attorney for the Southern District of Indiana filed criminal charges
- SEC filed litigation
- Kevin R. Kuhnash and Jason P. Jimerson are defendants in ongoing SEC litigation
- Lucent Polymers, Inc. is Indiana-based plastics manufacturer
PDF (from attached: complaint)
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Extracted body text (1,887c)
Former CEO and Coo of Plastics Manufacturer Plead Guilty to Fraud Charges Litigation Release No. 24859 / July 29, 2020 SEC v. Kevin R. Kuhnash and Jason P. Jimerson, No. 19-CV-00028 (S.D Ind. filed Feb. 12, 2019) United States v. Kevin Kuhnash and Jason Jimerson, No. 18-CR-078 (S.D. Ind.) Two former executives of Indiana-based plastics manufacturer Lucent Polymers, Inc., who are defendants in ongoing SEC litigation, have pleaded guilty to criminal charges filed by the U.S. Attorney for the Southern District of Indiana. On June 18, 2020, Jason Jimerson, Lucent's former COO, pleaded guilty to two counts of securities fraud, one count of money laundering, and one count of making false statements to federal agents. On July 28, 2020, Kevin R. Kuhnash, Lucent's former CEO, pleaded guilty to two counts of securities fraud and one count of money laundering. The SEC previously charged Kuhnash and Jimerson on February 12, 2019 for their roles in a scheme to conceal that Lucent's core business model was a sham in connection with the company's acquisition in 2013. According to the SEC's complaint, Lucent routinely lied to its customers and falsified its certifications of test data to show that its products complied with customer specifications, including on important aspects such as fire-retardant measures. Kuhnash and Jimerson allegedly hid Lucent's fraudulent practices, made misrepresentations to the company that acquired Lucent, and continued the fraud even after the sale of the business to secure future payments. The SEC's litigation, which was stayed pending resolution of the criminal action, continues. The SEC's complaint charges Kuhnash and Jimerson with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, disgorgement plus prejudgment interest, civil monetary penalties, and officer-and-director bars. SEC Complaint
OCR text (1,887c · html-text · 99% conf)
Former CEO and Coo of Plastics Manufacturer Plead Guilty to Fraud Charges Litigation Release No. 24859 / July 29, 2020 SEC v. Kevin R. Kuhnash and Jason P. Jimerson, No. 19-CV-00028 (S.D Ind. filed Feb. 12, 2019) United States v. Kevin Kuhnash and Jason Jimerson, No. 18-CR-078 (S.D. Ind.) Two former executives of Indiana-based plastics manufacturer Lucent Polymers, Inc., who are defendants in ongoing SEC litigation, have pleaded guilty to criminal charges filed by the U.S. Attorney for the Southern District of Indiana. On June 18, 2020, Jason Jimerson, Lucent's former COO, pleaded guilty to two counts of securities fraud, one count of money laundering, and one count of making false statements to federal agents. On July 28, 2020, Kevin R. Kuhnash, Lucent's former CEO, pleaded guilty to two counts of securities fraud and one count of money laundering. The SEC previously charged Kuhnash and Jimerson on February 12, 2019 for their roles in a scheme to conceal that Lucent's core business model was a sham in connection with the company's acquisition in 2013. According to the SEC's complaint, Lucent routinely lied to its customers and falsified its certifications of test data to show that its products complied with customer specifications, including on important aspects such as fire-retardant measures. Kuhnash and Jimerson allegedly hid Lucent's fraudulent practices, made misrepresentations to the company that acquired Lucent, and continued the fraud even after the sale of the business to secure future payments. The SEC's litigation, which was stayed pending resolution of the criminal action, continues. The SEC's complaint charges Kuhnash and Jimerson with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, disgorgement plus prejudgment interest, civil monetary penalties, and officer-and-director bars. SEC Complaint