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U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 21567 / June 23, 2010Securities and Exchange Commission v. Advanced Technologies Group, Ltd., Alexander Stelmak and Abelis Raskas, Civil Action No. 10-CV-4868 (Judge Sullivan) (SDNY) June 23, 2010SEC CHARGES ADVANCED TECHNOLOGIES GROUP, LTD., ALEXANDER STELMAK AND ABELIS RASKAS WITH SECURITIES REGISTRATION VIOLATIONSThe Securities and Exchange Commission today filed a civil enforcement action against Advanced Technologies Group, Ltd. ("ATG"), and its officers Alexander Stelmak and Abelis Raskas. The Commission's complaint alleges that between 1997 and 2006, the defendants raised approximately $14.7 million from investors through a series of illegal unregistered offerings of the securities of ATG and its predecessor companies, Oxford Global Network, Ltd., and Luxury Lounge, Inc. The Commission alleges that, in connection with these offerings, the defendants violated the securities registration requirements of Sections 5(a) and 5(c) of the Securities Act of 1933 ("Securities Act"). The Commission seeks disgorgement of all ill-gotten gains, plus prejudgment interest thereon. In addition, against ATG and Stelmak, the Commission seeks civil money penalties, as well as permanent injunctions against future violations of Sections 5(a) and 5(c) of the Securities Act and against future participation in any unregistered securities offerings. Against Stelmak, the Commission also seeks a permanent penny stock bar. The Commission also seeks provisional relief in the form of an order freezing the defendants' assets and prohibiting destruction, concealment or alteration of records pending final disposition of the action.
See Also: SEC Complaint |
