SEC: Fintech CEO Pumped Stocks, Dodging Delisting with Deceit.

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against the CEO of a fintech firm, accusing him of making secretive purchases of his company’s stock in order to inflate the price and avoid delisting from Nasdaq. The lawsuit, filed in New York federal court, claims that the CEO engaged in fraudulent activity to artificially boost the stock price. The SEC alleges that the CEO made multiple deceptive trades, including making thinly traded purchases and then using those purchases to manipulate the stock price. The lawsuit seeks a permanent injunction against the CEO, as well as disgorgement of ill-gotten gains and civil penalties. The SEC’s lawsuit highlights the regulatory scrutiny faced by fintech companies and the importance of maintaining transparency and complying with securities laws. This case serves as a reminder to investors and regulators to be vigilant in detecting and preventing fraudulent activities in the fintech industry.