SEC v. Jeffrey Stebbins and Corbin Jones, Case No. 2:13-cv-00755 SRB (D. Az.). On April 16, 2013, the SEC announced it filed fraud charges against Jeffrey Stebbins and Corbin Jones. The SEC alleges that Stebbins and Jones solicited investors for a tankless water heater project through various companies. They stole $1.8 million of investor money for themselves. In addition, the SEC alleges that they tricked shareholders in one company to trade their private shares for publicly-traded shares in another company. This stock swap allowed Stebbins and Jones to obtain more than $6 million worth of stock at the expense of shareholders who were left with worthless stock. The SEC charged Stebbins and Jones are with violating Section 17(a) of the Securities Act, Sections 10(b), 13(a), 15(a) and 16(a) of the Exchange Act and Rules 10b-5, 13d-1, 13d-2 and 16a-1 thereunder. The SEC’s seeks an injunction, disgorgement, civil monetary penalties and a penny stock bar.
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