Securities and Exchange Commission v. Caledonian Bank Ltd., et al., Civil Action No. 15-CV-00894
The Securities and Exchange Commission has charged five offshore entities with offering and selling unregistered penny stocks into the public markets.
According to the SEC’s complaint filed on February 6, 2015, Cayman Islands-based, Caledonian Bank Ltd. and Caledonian Securities Ltd., Belize-based, Clear Water Securities, Inc. and Legacy Global Markets S.A., and Panama-based, Verdmont Capital S.A. (collectively, the “Defendants”) conducted unregistered sales of securities, reaping over $75 million in illegal sales proceeds. Simultaneous with filing its complaint, the SEC obtained an emergency court order freezing assets of the Defendants located in the United States.