Shell factories enforcement actions
This library records 9 enforcement actions tagged shell factories. A shell factory manufactures public companies with no real business, complete with nominee shareholders and a share quotation, for sale to promoters who need a listed vehicle to distribute stock through.
Actions are listed newest first. Each row links to a case page carrying the regulator's own release and, where one was published, the complaint. For how this technique works and what statute it engages, read the shell factories technique page.
- Actions
- 9
- Total penalties
- $1.7m
- Median penalty
- $113k
- Largest
- $1.4m
- Criminal parallel
- 44%
| Action | Agency | Filed | Penalty | Status |
|---|---|---|---|---|
| SEC v. Imran Husain, et al. (shell factories, 2019) | SEC | 2019-08-06 | — | judgment |
| SEC v. Tiber Creek Corp. and James M. Cassidy (shell factories, 2019) | SEC | 2019-03-26 | $75k | judgment |
| SEC v. Delaney Equity Group LLC, David C. Delaney and Ian C. Kass (reverse merger schemes, 2018) | SEC | 2018-08-29 | — | settled |
| SEC v. Diane J. Harrison, Michael J. Daniels and Catherine A. Bradaick-Zolla (shell factories, 2018) | SEC | 2018-04-30 | — | judgment |
| SEC v. Imran Husain, et al. (shell factories, 2017) | SEC | 2017-05-24 | — | filed |
| SEC v. Edward F. Panos, et al. (shell factories, 2016) | SEC | 2016-12-20 | $1.4m | judgment |
| SEC v. Michael J. Muellerleile, Esq. and M2 Law Professional Corp. (shell factories, 2016) | SEC | 2016-12-16 | $70k | settled |
| SEC v. Imran Husain, et al. (shell factories, 2016) | SEC | 2016-05-12 | — | filed |
| SEC v. Asher Z. Zwebner, Luke C. Zouvas and others (pump and dump, 2016) | SEC | 2016-04-26 | $150k | judgment |