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SEC Charges Five for Creating Sham Companies to Sell Stock

ishant-mishra-1349433-unsplash The Securities and Exchange Commission "blank check" companies

“Broker-dealers are critical gatekeepers protecting the integrity of our markets, with obligations under our rules to fulfill that role,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office.  “We allege, however, that Spartan Securities and three of its principals failed as gatekeepers by enabling multiple illicit supply chains of undisclosed blank check companies.”