Action against Respondent, a film producer, for alleged offering frauds. According to the SEC, Respondent falsely informed investors that he was raising money to take an auction site private and to spin off a separate business unit from that site. The SEC alleges that Respondent misappropriated investor funds and misrepresented information, including the amount of money raised, the number of shares for sale, and the purported involvement of a broker-dealer. Respondent has agreed to pay disgorgement of $205,443, prejudgment interest of $86,278.75, a civil penalty of $185,000, and to associational, investment company, and penny stock bars.

SEC Order 

SEC Press Release