ARNOLD F. SOCK, Attorney At Law Opines On: SEC Sues Ex-Biotech Exec Over $21M Boiler Room Scheme (U.S. Distrcit Court for the Southern District of Florida, Securities and Exchange Commission v. Houlihan (9:18-cv-80585))
The U.S. Securities and Exchange Commission sued the former president of biotechnology company Sanomedics International Holdings Inc. in Florida federal court on Friday for allegedly using an undisclosed boiler room of sales agents to fraudulently solicit approximately $21 million from more than 700 investors (U.S. Distrcit Court for the Southern District of Florida, Securities and Exchange Commission v. Houlihan (9:18-cv-80585)),.
Keith Houlihan, 50, is accused of lying about the price and quantity of Sanomedics shares in order to raise money that was then used to hire a boiler room operator in 2009. Through 2015, Houlihan allegedly lied to the U.S. Securities and Exchange Commission in financial filings. Such activities as lying about stock realted information takes advantage of investors because they cannot make informed decisions about investments. Opinion by ARNOLD F. SOCK, Attorney at Law.