U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21674 / September 30, 2010
SECURITIES AND EXCHANGE COMMISSION v. ATLANTIS TECHNOLOGY GROUP AND CHRISTOPER DUBEAU, Civil Action No. 10-CV-61824 (S.D. Fla.)
SEC BRINGS ACTION AGAINST FLORIDA-BASED COMPANY AND ITS CEO FOR FRAUD
The Securities and Exchange Commission (Commission) announced today that on September 30, 2010 it filed a complaint against Atlantis Technology Group (Atlantis), a company headquartered in Ft. Lauderdale, Florida, and its CEO, Christopher Dubeau, a resident of Weston, Florida. The Commission's complaint alleges that Atlantis and Dubeau violated the antifraud provisions of the securities laws in connection with Atlantis's issuance of a series of false press releases.
According to the complaint filed in the Southern District of Florida, from at least August 7, 2009 through April 5, 2010, Atlantis claimed in numerous press releases that, among other things:
its subsidiary, Global Online Television Corporation (GOTV), offered internet protocol television services to consumers;
GOTV offered video phone services to consumers; and
GOTV had relationships with television networks and others to offer their content to Atlantis subscribers.
The complaint alleges that these claims were grossly misleading because, among other things:
GOTV was not able to offer internet protocol television services to consumers;
GOTV was not able to offer video phone services to consumers; and
GOTV did not have relationships with television networks to offer content to Atlantis subscribers.
The Commission's complaint alleges that Dubeau alone drafted, reviewed, and approved the misleading press releases. In December 2009, while Atlantis was issuing some of its false press releases, Dubeau repeatedly sold Atlantis stock into the inflated market, earning at least $240,000 from the sale of the stock.
The Commission's complaint further alleges that Atlantis violated Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder and that Dubeau violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. The Commission's complaint seeks relief in the form of permanent injunctions against Atlantis and Dubeau enjoining them from future violations of the provisions charged, an order requiring that Dubeau disgorge his ill-gotten gains, with prejudgment interest, and imposing civil penalties against Dubeau. The Commission also seeks a penny stock bar and an officer and director bar against Dubeau.
The Commission acknowledges the assistance of the Financial Industry Regulatory Authority (FINRA) in connection with this matter.
See Also: SEC Complaint