SEC Charges RVPlus and CEO with Misleading Investors

The Securities and Exchange Commission (SEC) recently charged a microcap company, RVPlus, and it’s CEO, Cary Lee Peterson with falsely claiming to have a lucrative relationship with the United Nation and billions of dollars in clean energy contracts with foreign governments. The SEC also claimed that Peterson and RVPlus also made bogus claims in the company’s public filings and in statements to private investors, and that he and RVPlus participated in an unlawful distribution of the company’s stock. The SEC then charged the company and Peterson with violating the antifraud provisions of the securities laws and an SEC antifraud rule. It also charged them with violating the registration provisions of the securities laws and Peterson with aiding and abetting RVPlus’s violations of the antifraud provisions. According to a statement, Peterson allegedly “inflated RVPlus’ finances and expected profitability. He also used a pseudonym, posted hundreds of messages to an online investors’ forum calling RVPlus’ stock ‘undervalued,’ and urged investors to ‘buy up as much as possible.’” He repeatedly claimed that his company had a lucrative relationship with the United Nations worth $2.8 billion. He had no relationship with them and the contracts were false. For these transgressions, the SEC is seeking a permanent injunction, return of allegedly ill-gotten gains with interest, and penalties. It is also seeking to bar Peterson as a corporate officer or director and from participating in the penny-stock business. The U.S. Attorney’s Office for the District of New Jersey announced it would bring criminal charges against him.