U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23555 / June 2, 2016
Securities and Exchange Commission v. Steven Wise, Civil Action No. 1:16-cv-04104 (S.D.N.Y., June 2, 2016)
Long Island, N.Y. Man Settles Charges for Violating Penny Stock Bar
The Securities and Exchange Commission today announced that Steven Wise of Woodmere, N.Y., has agreed to pay $20,000 in order to settle charges that he violated a Commission-ordered penny stock bar entered in 2005.
The SEC alleges that, in the spring and summer of 2015, Wise solicited several private companies to issue publicly trading shares, pitched the offerings to a New York-based hedge fund, and helped the private companies prepare to offer shares to the public. While conducting these activities, Wise was subject to a 2005 penny stock bar entered to resolve a previous SEC enforcement action, In re Steven Wise, Exchange Act Rel. No. 51077 (Jan. 25, 2005). None of Wise's efforts in 2015 resulted in a public offering.
Wise agreed to settle the charges without admitting or denying the SEC's allegations. Wise consented to the entry of a final judgment enjoining him from future violations of Section 15(b)(6)(B) of the Securities Exchange Act of 1934, which prohibits a person, without the consent of the Commission, from participating in an offering of penny stock if previously barred from doing so, and requiring him to pay a civil penalty of $20,000. The settlement is subject to court approval.
The Commission acknowledges the assistance of the Oregon Attorney General's Office.