U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23972 / October 27, 2017
Securities and Exchange Commission v. Randall James, No. 3:17-cv-01406 (M.D. Tenn. filed Oct. 26, 2017)
Entertainment Company Owner Settles Fraud Charges
A Nashville, Tennessee resident who isn't registered to sell investments has agreed to settle charges that he defrauded investors in his company Global Maximus Productions, which purportedly produced pay-per-view entertainment and concerts.
The SEC alleges that Randall James promised investors significant profits and a return of their principal within a short period of time, claiming he would use their money to produce concerts and other events that would be live-streamed online and generate profits. According to the SEC's complaint, James instead spent investor funds on his personal living expenses, including personal meals, housing, and payments to his ex-wife.
The SEC's complaint, filed in the U.S. District Court for the Middle District of Tennessee, charges James with violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. Without admitting or denying the SEC's allegations, James consented to the entry of a judgment permanently enjoining him from violating the charged provisions of the federal securities laws and ordering him to pay $109,900 in disgorgement, $18,006.14 in prejudgment interest, and a $109,900 penalty for a total of 237,806.14.
The SEC's investigation was conducted by Terence M. Tennant and supervised by Elisha L. Frank in the Miami Regional Office. Amie Riggle Berlin and Mark Dee assisted the investigation.
