U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23285 / June 12, 2015
Securities and Exchange Commission v. Ryan L. Cook and HelpMed, Inc., et al., Civil Action No. 2:15-cv-00416 (D. UT., Filed June 12, 2015)
SEC Obtains Order Freezing Assets of Ryan L. Cook and Helpmed, Inc.
The Securities and Exchange Commission obtained an asset freeze and other ancillary relief against Ryan L. Cook and Utah-based company, HelpMed, Inc.
The SEC's complaint, filed in U.S. District Court in the Central Division of Utah, alleges that in order to obtain top value for HelpMed stock that he owned, Cook, who is a founder of HelpMed, devised and implemented a scheme to defraud investors of $2 million through the use of written and oral misrepresentations related to HelpMed's sales, receivables, customers, technology and software. To further his scheme, Cook fabricated invoices, accounts receivables, customer lists, and sales projections and enlisted others to pose as HelpMed customers to provide glowing reviews of HelpMed to investors and potential investors.
The SEC alleges that by engaging in this conduct Cook and HelpMed violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint seeks a permanent injunction as well as disgorgement, prejudgment interest and a civil penalty from Cook and HelpMed.