Defendant Name:
Heart Tronics, Inc.
Defendant Type:
Public Company
Document Reference:
2011-271
Document Details
Legal Case Name
SEC v. Heart Tronics, Inc., Mitchell Jay Stein, Willie James Gault, J. Rowland Perkins, II, Martin Bert Carter, Mark Crosby Nevdahl, and Ryan Allan Rauch, Defendants, Tracey Hampton-Stein, Arc Finance Group, LLC, Arc Blind Trust, THS Blind Trust, Jaymi Blind Trust, Oak Tree Investments Blind Trust, WBT Investments Blind Trust, Catch 83 General Partnership, and Five Investments Partnerships, Relief Defendants
Document Name
SEC Charges California Company, Co-CEOs, and Attorney in Series of Fraudulent Schemes Pumping Company Stock
Document Date
20-Dec-2011
Document Format
Civil Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On December 20, 2011, the SEC announced that it charged purported heart monitoring device company Heart Tronics, Inc. ("Heart Tronics") and six individuals involved in a series of fraudulent schemes to artificially inflate the company's stock. According to the SEC's complaint filed in federal court in Los Angeles, Heart Tronics--known as "Signalife" during most of the scheme's time period from December 2005 to December 2008--fraudulently and repeatedly announced millions of dollars in sales orders for its product between 2006 and 2008 when, in fact, the company never had viable sales orders from actual customers. The SEC charges the defendants with various violations of the federal securities laws and seeks disgorgement of ill-gotten gains with prejudgment interest financial penalties and permanent injunctive relief.
Other Defendants in Action:
