Statement From Enforcement Division Co-Directors on Jury Verdict in Financial Fraud Case
Stephanie Avakian, Co-Director, SEC Division of Enforcement
Steven Peikin, Co-Director, SEC Division of Enforcement
Dec. 11, 2017
"We are pleased by the jury's verdict holding Revolutions Medical Corp. and its CEO Rondald L. Wheet liable for violating the antifraud provisions of the federal securities laws. This verdict affirms that corporate executives must be completely truthful when they speak about their companies in press releases. Investors are entitled to accurate information, and when CEOs cross the line from truth to lies, we will seek to hold them accountable."
The SEC charged Revolutions Medical and Wheet in federal court in Atlanta on Sept. 20, 2012. After a one-week trial, the jury today found them liable on all counts. The SEC’s litigation is being handled by M. Graham Loomis, Pat Huddleston, Paul T. Kim, HB Roback, and Buffy Lochmandy.