David Reichman et al.

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26664 / October 2, 2026

Securities and Exchange Commission v. David Reichman et al., No. 26-cv-08713 (S.D.N.Y. filed Oct. 2, 2026)

SEC Charges Former Chairman and CEO of Public Company in Alleged Scheme to Defraud Investors

On October 2, 2026, the Securities and Exchange Commission filed charges against David Reichman, the former Chairman and CEO of Global Tech Industries Group, Inc. for allegedly orchestrating a multi-year scheme to defraud Global Tech’s investors. The complaint also names David Reichman’s daughter, Justine Reichman, both in her individual capacity and as trustee of Justine Reichman 2021 Trust, as relief defendants.

The SEC’s complaint alleges that David Reichman caused Global Tech to issue tens of millions of shares to his family members, friends, and associates in a fraudulent scheme to enrich himself and his daughter, Justine Reichman. As alleged, David Reichman signed annual filings Global Tech made with the SEC that represented that these share issuances were in exchange “for services,” when in fact, Reichman knew that the share recipients had not provided any services to the company. According to the complaint, Reichman furthered the scheme by concealing that Justine Reichman was a significant shareholder of Global Tech stock. Reichman also allegedly failed to timely file required reports publicly disclosing his sales of Global Tech stock.

The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, charges David Reichman with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and the securities reporting requirements of Section 16(a) of the Exchange Act and Rule 16a-3 thereunder, as well as with aiding and abetting Global Tech’s violation of Section 13(a) of the Exchange Act and Rule 13a-1 thereunder. The complaint seeks permanent injunctive relief, civil penalties, disgorgement of ill-gotten gains with prejudgment interest, and an officer-and-director bar against David Reichman. The complaint also seeks disgorgement with prejudgment interest against the relief defendants.

The SEC’s investigation was conducted by Yitzchok Klug, Alexander M. Levine, and Christopher Mele, and was supervised by Alison Conn and Sheldon L. Pollock, all of the SEC’s New York Regional Office. The litigation will be led by Travis Hill, Mr. Klug, and Mr. Levine, under the supervision of Alexander Vasilescu.