SEC has reached a settlement with the IPO of a $ 410 million fraudulent relationship with Florida

FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their  headquarters in Washington, D.C.

In a statement filed in court on Thursday, the SEC said it had reached a “policy resolution” with StraightPath Venture Partners LLC, its three founders and its financial manager in a lawsuit filed earlier this month.

The Jupiter-based Florida-based company is offering its investment vehicles to major investors as a way to own pre-IPO shares in private companies such as the plant-based burger maker Impossible. Exchange – but often they do not own the shares.

Between November 2017 and February 2022 StraightPath raised funds from 2,200 investors in 14 countries, agreeing to stop soliciting investment.

The commission said the company’s “higher” fees allowed founders Michael Castillo, Franின்ois Lanaya and Brian Martinsen and finance manager Eric Lacho to pay about $ 75 million and their sales agents nearly $ 48 million.

Straightpath’s attorney and four personal defendants did not immediately respond to a request for comment.

The resolution would include appointing an escrow to oversee the collection and distribution of the remaining funds and placing millions of dollars in the escrow account by three individual defendants, SEC attorney Lee Greenwood wrote in a letter to U.S. District Judge Louise. Kapil in Manhattan Federal Court.

The solution is still subject to SEC approval, expected May 31, Greenwood wrote.

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