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
Source: The Securities Law Blog: SEC Obtains Asset Freeze to Halt Alleged Offering Fraud
