Defendant in SEC Enforcement Action Pleads Guilty to Lying to the SEC
Litigation Release No. 24155 / June 4, 2018
Securities and Exchange Commission v. Edward Withrow, et al., No. 15-cv-13348 (D. Mass. filed Sept. 14, 2015)
United States v. Edward Withrow, No. 15-cr-10261 (D. Mass. filed Sept. 14, 2015)
A former chairman of a Massachusetts-based medical diagnostics company previously called Endeavor Power Corp., whom the Securities and Exchange Commission has charged with a scheme to defraud potential investors in Endeavor's publicly traded stock, has pleaded guilty in a federal court in Boston, Massachusetts, to making false statements to the SEC.
On May 23, 2018, California resident Edward Withrow III pleaded guilty to one count of making false statements in connection with his sworn investigative testimony to the SEC in August 2013 relating to questions about who owned approximately 40 million unrestricted shares of Endeavor's stock, and whether Withrow ever tried to determine who owned those shares. He is currently scheduled to be sentenced on September 27, 2018.
The SEC's complaint, filed in September 2015, charged Withrow and two others with violating the antifraud provisions of the federal securities laws and related rules. Withrow also was charged with failing to file the requisite reports with the SEC disclosing his ownership of Endeavor Power stock. The SEC's litigation against Withrow, which seeks disgorgement of allegedly ill-gotten gains plus interest, penalties, and permanent injunctive relief, as well as a penny stock bar and an officer-and-director bar, is pending.