“We are actively monitoring the markets to detect potential fraudsters who seek to use the COVID-19 crisis as a basis for investment scams,” said Stephanie Avakian, co-director of the SEC’s Division of Enforcement. “As alleged in these complaints, Applied BioSciences and Turbo Global sought to take advantage of the COVID-19 crisis by misleading investors about their ability to provide solutions.”

The SEC’s Office of Investor Education and Advocacy previously issued an investor alert cautioning investors to be aware of COVID-19 scams.