SEC News
Official announcements and updates from the U.S. Securities and Exchange Commission.
GenesisAI SEC Case: $5.3 Million Crowdfunding Raises Scrutiny Over $250 Million Revenue Forecasts and $200 Million Valuation Claims
The SEC has filed settled charges against GenesisAI Corp. and founder and former CEO Archil Cheishvili over alleged misrepresentations made while the artificial intelligence start-up raised more than $5.3 million from more than 4,000 investors through Regulation Crowdfunding and Regulation A offerings. The SEC says the company promoted revenue forecasts reaching as high as $250 million by 2024, valuations exceeding $200 million, claimed partnerships and a customer waitlist even though its marketplace allegedly remained in testing for years and never became commercially viable. :chatgpt-content-reference{index="0"}
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Wall Street Acquisitions SEC Proceeding: From Mineral Exploration to a Filing Record Frozen in 2022
The SEC has instituted a Section 12(j) administrative proceeding against Wall Street Acquisitions Corp. after the company stopped filing required periodic reports following a Form 10-Q/A for the quarter ended June 30, 2022. Unlike several other delinquent issuers that continue to receive OTC quotations, the SEC specifically states that Wall Street Acquisitions' common stock is not publicly quoted or traded. Historical filings add another layer to the case: the company began as a development-stage vehicle designed to help another business become an SEC reporting company, later described itself as a mineral exploration business, and reported no revenue in its final active reporting period.
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Goliath Ventures SEC Case: $425 Million Crypto Liquidity Pool Offering, 1,300+ Investors and Alleged Ponzi Payments
The SEC has charged Goliath Ventures, Inc. and its founder and CEO Christopher A. Delgado in connection with an alleged $425 million crypto-related Ponzi scheme involving more than 1,300 investors. According to the SEC, investors were told they were partnering with Goliath to place money into crypto asset liquidity pools that would generate returns. The complaint instead alleges that substantial investor funds were diverted, earlier investors were paid with later investor money, and Goliath ultimately suspended investor payments after running short of available funds.
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Zerify SEC Proceeding: Cybersecurity Issuer Faces Registration Risk After SEC Reporting Stops in 2023
The SEC has instituted an administrative proceeding against Zerify, Inc. after the cybersecurity company failed to keep its periodic reporting current. According to the Commission, Zerify has not filed any periodic reports since submitting a Form 10-Q for the period ended September 30, 2023. The company's common stock continues to receive unsolicited quotations on OTC Link ATS under the symbol ZRFY, creating a notable divide between continued market visibility and an SEC reporting record that has been inactive for nearly three years.
Read more →Zerify SEC Proceeding: Cybersecurity Issuer Faces Registration Risk After SEC Reporting Stops in 2023
The SEC has instituted an administrative proceeding against Zerify, Inc. after the cybersecurity company failed to keep its periodic reporting current. According to the Commission, Zerify has not filed any periodic reports since submitting a Form 10-Q for the period ended September 30, 2023. The company's common stock continues to receive unsolicited quotations on OTC Link ATS under the symbol ZRFY, creating a notable divide between continued market visibility and an SEC reporting record that has been inactive for nearly three years.
Read more →Liaoning Shuiyun Qinghe Rice Industry SEC Proceeding: Former Evergreen International Identity and Stale SYQH Filings Face Section 12(j) Review
The SEC has opened an administrative proceeding against Liaoning Shuiyun Qinghe Rice Industry Co., Ltd., formerly known as Evergreen International Corp., over an alleged failure to keep its periodic filings current. The case carries an additional research issue beyond the reporting delinquency itself: investors searching the issuer may encounter both the current Liaoning Shuiyun Qinghe Rice Industry name and the older Evergreen International Corp. identity, even though they relate to the same SEC registrant. The SEC says the company has not filed a periodic report since its Form 10-Q for the period ended October 31, 2022, while unsolicited quotations for its common stock under the symbol SYQH continue to appear on OTC Link ATS.
Read more →Wolf Energy Services SEC Proceeding: OTC-Quoted WOEN Faces Section 12(j) Review After Periodic Filings Stopped in 2023
The SEC has opened an administrative proceeding against Wolf Energy Services Inc., alleging that the company stopped filing periodic reports after its Form 10-Q for the period ended June 30, 2023. Unlike some dormant-registration cases, Wolf Energy still has unsolicited quotations for its common stock submitted on OTC Link ATS under the symbol WOEN, making the disclosure gap particularly relevant for investors who may still encounter market quotations for the security. :chatgpt-content-reference{index="0"}
Read more →Tombstone Exploration SEC Proceeding: OTC Mining Issuer Faces Registration Risk After Reporting Stops in 2021
The SEC has opened an administrative proceeding against Tombstone Exploration Corp. under Section 12(j) of the Securities Exchange Act after the company failed to keep its periodic reporting current. According to the Commission, Tombstone Exploration has not filed a periodic report since submitting a Form 20-F covering the year ended December 31, 2021. The proceeding places the company's Exchange Act registration at risk and highlights a recurring due-diligence issue for investors researching thinly traded OTC issuers: market quotations may continue to exist even when the underlying SEC reporting record has been inactive for years.
Read more →Tombstone Exploration SEC Proceeding: OTC Mining Issuer Faces Registration Risk After Reporting Stops in 2021
The SEC has opened an administrative proceeding against Tombstone Exploration Corp. under Section 12(j) of the Securities Exchange Act after the company failed to keep its periodic reporting current. According to the Commission, Tombstone Exploration has not filed a periodic report since submitting a Form 20-F covering the year ended December 31, 2021. The proceeding places the company's Exchange Act registration at risk and highlights a recurring due-diligence issue for investors researching thinly traded OTC issuers: market quotations may continue to exist even when the underlying SEC reporting record has been inactive for years.
Read more →Teeco Properties SEC Proceeding: Decades-Long Filing Gap Puts Partnership Registration Under Section 12(j) Review
The SEC has opened an administrative proceeding against Teeco Properties, LP after alleging that the Delaware limited partnership has not filed a periodic report since its Form 10-K covering the year ended December 31, 1997. The case is notable not because of active trading activity—the SEC says Teeco's limited partnership units are not publicly quoted or traded—but because an old registered security can remain subject to federal reporting obligations long after meaningful public-market activity appears to have disappeared.
Read more →CBIZ Form S-8 Rescission Offer: 481,049 Excess ESPP Shares and a Second Corrective Offer
CBIZ Inc. disclosed that up to 481,049 shares acquired through its employee stock purchase plan between October 16, 2023 and April 15, 2026 exceeded the number of shares available under the plan and registered on Form S-8. The company responded with a voluntary rescission offer, but a later configuration problem caused some eligible shares to be omitted from the online election process. CBIZ therefore launched a second corrective rescission offer covering up to 2,331 omitted shares. The sequence provides a useful example of how employee share-plan registration errors can create securities-law remediation obligations even when the underlying purchases occur through an established corporate benefit program.
Read more →Evil Empire Designs SEC Proceeding: Distinctive Issuer Name Meets a Filing Record Frozen Since 2024
The SEC has instituted an administrative proceeding against Evil Empire Designs, Inc. after the company allegedly failed to maintain required periodic reporting under the federal securities laws. Evil Empire Designs appears in the SEC's September 10, 2026 delinquent-filings batch under Release No. 34-106332 and File No. 3-22714. The matter is not a new fraud complaint or a product-quality case. Instead, it concerns whether a class of registered securities should remain registered when the issuer's periodic reporting record has stopped updating. The company's name is unusually memorable, but the due-diligence issue is conventional and important: investors should verify the date of the latest SEC periodic report, whether the security is still quoted or traded, and whether the company has kept current contact and filing obligations with the Commission.
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