Action against Defendants, an online gambling company and its founder, for alleged offering fraud.  According to the SEC, Defendant founder lied to investors about his background, his personal investment in Defendant company, Defendant company’s investment prospects, and the amount of funds raised.  The SEC further alleges that Defendant founder misused invested funds for personal expenses and gambling.  Defendant founder has been charged in a parallel criminal action in the Southern District of New York.

SEC Complaint

SEC Litigation Release