02:20:51 EDT Thu 02 Jul 2020
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SEC seeks $3.86-million (U.S.) judgment for Husain

2020-05-13 20:10 ET - Street Wire

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by Mike Caswell

The U.S. Securities and Exchange Commission has asked for a $3.86-million judgment against Imran Husain, the California man behind a "flagrant and unrepentant" shell factory scheme. (All figures are in U.S. dollars.) The SEC says that Mr. Husain carried out a fraud that spanned several years, misleading regulators and the public with his creation of nine shell companies. Many of those companies were the subject of subsequent enforcement action by the SEC, with some ending up in pump-and-dump schemes, the SEC says.

The request from the SEC comes as part of a case that it has been pursuing against Mr. Husain over his fraudulent creation of nine public companies, including one with a Toronto address that purported to offer movie previews. The SEC said that the companies had fake business plans, allowing them to bypass the normal requirements for shells. They also had straw shareholders and nominee officers, the SEC said. Mr. Husain and a co-accused sold the shells for hundreds of thousands of dollars each, generating $2.25-million in proceeds, according to the SEC.

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