March 1, 2007
Penny Stock Fraud
The SEC announced it obtained a final judgment against Defendants Charles S. Flemming, and his companies, Ashlin Capital, LLC, and Kyoto Capital Group, LLC, for their role in a scheme to evade the registration provisions of the Securities Act of 1933. The SEC alleged that Flemming obtained 102 million shares of U.S. Wind Farming stock in an unregistered offering and then directed the sale of the shares into the public market. Flemming kick-backed proceeds from the sales to Wind Farming. The Final Judgment permanently enjoins Flemming, Ashlin Capital, and Kyoto Capital Group from violating the registration provisions of the federal securities law and permanently bars them from participating in penny stock offerings.
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