The Securities and Exchange Commission (SEC) recently charged two men, Craig V. Sizer and Miguel “Michael” Mesa, for defrauding senior citizens who purchased penny stocks. The fraud reached $20 million. Mr. Sizer was the CEO of Sanomedics which sold non-contract infrared thermometers and was the chairman of the software applications company Fun Cool Free. Mr. Mesa was a boiler room representative and Mr. Sizer used him and others to attract the investors. The agents allegedly used a script to entice investors and told them they would receive lucrative profits and that there would be no sales commissions. But, Mr. Sizer and Mr. Mesa allegedly both paid themselves sales and the agents, sizable commissions. The SEC barred both men from selling future penny stock offerings, and Mr. Sizer also consented to a ban from serving as an officer or director of a public company. Additionally, the U.S. Attorney’s Office for the Southern District of Florida has filed criminal charges against both men.
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