SEC v. In Ovations Holdings, Inc.; and Mark Goldberg, No. LR-24260, Eastern District of New York (Sept. 6, 2018) — Press Release
raw: In Ovations Holdings, Inc. and Mark Goldberg
In Ovations Holdings, Inc. and Mark Goldberg, No. LR-24260 (E.D.N.Y. Sept. 6, 2018)
In Ovations Holdings, Inc. and CEO Mark Goldberg were charged with securities fraud for issuing false press releases to manipulate stock prices, with Goldberg also facing parallel criminal charges.
The SEC alleged that In Ovations Holdings, Inc. and its CEO, Mark Goldberg, issued false and misleading press releases to induce investors to buy Ovations stock, including a fabricated claim about exclusive rights to a lung cancer detection technology. The scheme allegedly defrauded investors, with Goldberg knowingly deceiving them to enable stock promoters to unload their shares. The SEC is seeking permanent injunctions, civil penalties, disgorgement, prejudgment interest, and bars against Goldberg serving as an officer/director or participating in penny stock offerings.
The Securities and Exchange Commission (SEC) charged In Ovations Holdings, Inc. and its CEO, Mark Goldberg, with securities fraud for issuing false and misleading press releases to manipulate the stock price of the microcap company (INOH). The alleged scheme involved false claims about the company's exclusive rights to market a lung cancer detection technology, with Goldberg knowingly deceiving investors to enable stock promoters to unload their shares. The SEC alleged that Goldberg, a former registered broker, used the deceptive releases to defraud investors, with no actual funding or affiliation supporting the claims. The SEC is seeking permanent injunctions, civil penalties, disgorgement, prejudgment interest, and bars against Goldberg serving as an officer/director or participating in penny stock offerings. The U.S. Attorney’s Office for the Eastern District of New York also filed parallel criminal charges against Goldberg, with assistance from the FBI. The outcome is pending, with the SEC seeking various penalties and bars against Goldberg.
Exhibits & Attached Documents (1)
Extracted insights
- company In Ovations Holdings, Inc.
- scheme_term market manipulation scheme
- person mark goldberg
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- Securities and Exchange Commission filed charges against In Ovations Holdings, Inc. and Mark Goldberg
- In Ovations Holdings, Inc. issued false and misleading press releases
- Mark Goldberg issued false and misleading press releases
- In Ovations Holdings, Inc. participated in market manipulation scheme
- Mark Goldberg participated in market manipulation scheme
- Securities and Exchange Commission charged In Ovations Holdings, Inc. and Mark Goldberg with stock fraud
- In Ovations Holdings, Inc. issued false and misleading press releases as part of a market manipulation scheme
- Mark Goldberg issued false and misleading press releases as part of a market manipulation scheme
- Securities and Exchange Commission filed charges against In Ovations Holdings, Inc. and Mark Goldberg for stock fraud
- SEC filed charges a microcap company and its CEO
- In Ovations Holdings, Inc. issued false and misleading press releases
- In Ovations Holdings, Inc. participated in a market manipulation scheme
SEC Charges Long Island Company and CEO with Stock Fraud Litigation Release No. 24260 / September 6, 2018 Securities and Exchange Commission v. In Ovations Holdings, Inc. and Mark Goldberg, No. 18-cv-05026 (E.D.N.Y.) filed September 5, 2018 The Securities and Exchange Commission today filed charges against a microcap company and its CEO for issuing false and misleading press releases as part of a market manipulation scheme. According to the SEC's complaint, In Ovations Holdings, Inc. (ticker: INOH) and its CEO, Mark Goldberg, issued false and misleading press releases as part of a scheme to fraudulently induce investors to buy Ovations stock so that one or more stock promoters could sell their Ovations shares. For example, as alleged in the complaint, on June 10, 2014, Ovations claimed that it "obtained exclusive rights to market" a "sophisticated sputum cytology technology for early and pre stage detection of lung cancer from . . . an officer and director of INOH." In fact, according to the complaint Goldberg knew this release was false and misleading because Ovations never provided any funding to the individual under its licensing agreement and that individual never served as an officer or director of Ovations. The United States Attorney's Office for the Eastern District of New York announced criminal charges against Goldberg, who was a registered representative associated with ten broker-dealers between 1992 and 2003. The SEC's complaint, filed in federal district court in Brooklyn, charges Ovations and Goldberg with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5(b) thereunder. The SEC is seeking a judgment ordering permanent injunctive relief and civil monetary penalties against Ovations and Goldberg, and also disgorgement of ill-gotten gains plus prejudgment interest, an officer and director bar, and a penny stock bar against Goldberg. The SEC appreciates the assistance of the United States Attorney's Office for the Eastern District of New York and the FBI. SEC Complaint
SEC Charges Long Island Company and CEO with Stock Fraud Litigation Release No. 24260 / September 6, 2018 Securities and Exchange Commission v. In Ovations Holdings, Inc. and Mark Goldberg, No. 18-cv-05026 (E.D.N.Y.) filed September 5, 2018 The Securities and Exchange Commission today filed charges against a microcap company and its CEO for issuing false and misleading press releases as part of a market manipulation scheme. According to the SEC's complaint, In Ovations Holdings, Inc. (ticker: INOH) and its CEO, Mark Goldberg, issued false and misleading press releases as part of a scheme to fraudulently induce investors to buy Ovations stock so that one or more stock promoters could sell their Ovations shares. For example, as alleged in the complaint, on June 10, 2014, Ovations claimed that it "obtained exclusive rights to market" a "sophisticated sputum cytology technology for early and pre stage detection of lung cancer from . . . an officer and director of INOH." In fact, according to the complaint Goldberg knew this release was false and misleading because Ovations never provided any funding to the individual under its licensing agreement and that individual never served as an officer or director of Ovations. The United States Attorney's Office for the Eastern District of New York announced criminal charges against Goldberg, who was a registered representative associated with ten broker-dealers between 1992 and 2003. The SEC's complaint, filed in federal district court in Brooklyn, charges Ovations and Goldberg with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5(b) thereunder. The SEC is seeking a judgment ordering permanent injunctive relief and civil monetary penalties against Ovations and Goldberg, and also disgorgement of ill-gotten gains plus prejudgment interest, an officer and director bar, and a penny stock bar against Goldberg. The SEC appreciates the assistance of the United States Attorney's Office for the Eastern District of New York and the FBI. SEC Complaint