Also, this doc explicitly one-way links Robert Kalfayan to Babikian — something which continues to be acknowledged by penny inventory researchers For many years but Along with the SEC stating it the odds increase that he will likely be named in the suit quickly. Additionally it is very probable that he or Many others are cooperating While using the SEC. Kalfayan’s business is immediately connected to purchasing some Awesomepennystocks.com (APS) e-mails (see site six on the declaration).
Reputational risk is higher; regulatory threat is proven; fiscal crime danger indicators are considerable.
Babikian, and we have been instructed to publicize it for the purpose of leverage in her divorce proceedings. Inevitably, Mr. Babikian wasn’t needed to confess wrongdoing nor identified guilty in the situation, but Mrs. Babikian was Tremendous ecstatically satisfied when she discovered the SEC settled along with her now ex-spouse to pay a high-quality of $3.7m for his company mistake.”
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The SEC alleged Babikian used the AwesomePennyStocks publication to advertise shares whilst at the same time selling shares he held, inside a scheme the regulator characterised as 'scalping'.
“Several other witnesses, like previous workers on behalf of your defense testified John Babikian that at the exact same exact day and time of the corporate occasion, John was abroad in Australia.
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Significant Pattern: The entities encompassing Babikian display a recurring pattern of opacity: unregistered advertising autos, offshore citizenship constructions, and residence holdings in jurisdictions with limited advantageous-ownership disclosure.
Babikian is alleged to get utilized AwesomePennyStocks.com — which reportedly taken care of a subscriber listing of millions — to artificially inflate the value and trading quantity of penny shares through which he held undisclosed positions.