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SEC Says CEO Raised $11.5 Million for Cycling Investments But Never Actually Made Them

iStock-932463446 Bicycle Bike The Securities and Exchange Commission

The complaint, filed in the U.S. District Court for the District of New Jersey, charges Mancini and Outdoor Capital Partners with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC seeks emergency relief as well as permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties. The SEC also seeks a conduct-based injunction and an officer-and-director bar against Mancini. In addition, the complaint seeks disgorgement of ill-gotten gains with prejudgment interest from several relief defendants, including the OCP Italia Fund LLC, OCPITALUS LLC, and Mancini’s wife.