SEC v. Stephen L. Kirkland and The Kirkland Organization, Inc., Case No. 1:13-cv-3150-JEC (N.D. Ga.). On September 23, 2013, the SEC announced fraud charges against Stephen L. Kirkland and his company The Kirkland Organization, Inc. (“TKO”). According to the SEC, Kirkland and TKO lied to investors and potential investors by telling them: (a) if they invested through a managed account at Westover Energy Trading Partners, LLC (“Westover”), there would be no risk of losing their investments; (b) they would earn 2% to
3% per month; (c) a New York real estate developer/owner was a manager of Westover; and (d) the New York real estate developer/owner’s substantial wealth would be used to indemnify investors against loss. The SEC alleges that investors in the United States and England invested at least $800,000 based upon the false statements. The SEC charged Kirkland and TKO with violating Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Sections 206 (1) and Section 206 (2) of the Investment Advisers Act. With respect to Kirkland, the SEC further alleges that he, while acting as a control person, induced violations of Section 10(b) of the Exchange Act and Rule 10b-5.
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