The SEC announced that it has obtained a temporary restraining order and asset freeze against a Nanotech Engineering, a California solar panel company and three executives, who allegedly defrauded more than 100 investors.
According to the SEC’s complaint, Nanotech Engineering Inc., CFO Michael James Sweaney, also known as Michael Hatton, CEO David Sweaney, and COO Jeffery Gange have been engaged in an ongoing fraudulent offering of Nanotech’s securities. While raising capital purportedly to fund Nanotech’s development of solar panels using nanotechnology, the defendants allegedly diverted more than $2.4 million of investor funds for personal expenses, including luxury vehicles, a yacht named the Bella Vita, and cosmetic surgery. The complaint also alleges that the defendants are actively concealing from investors Michael Sweaney’s prior felony securities fraud conviction.
Read the SEC Complaint
Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.
He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page - SECLaw.com, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.