U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23493 / March 21, 2016
Securities and Exchange Commission v. Bruce D. Strebinger, et al., Civil Action No. 14-cv-3533 (LMM) (N.D.GA.)
SEC Obtains Final Judgment Against Bruce D. Strebinger
The Securities and Exchange Commission announced today that on March 15, 2016, the Honorable Leigh Martin May of the United States District Court for the Northern District of Georgia entered a final judgment against defendant Bruce D. Strebinger. The final judgment imposes on Strebinger a permanent injunction against future violations of certain antifraud and reporting provisions of the federal securities laws, imposes a penny stock bar and orders that he pay disgorgement in the amount of $1,515,640.
In its Complaint, the Commission alleged that Strebinger, along with his co-defendant, Brent Chapman acquired positions of more than 5% of Americas Energy common stock without publicly disclosing their beneficial ownership status as mandated by the federal securities laws. Having acquired their substantial undisclosed positions, Strebinger and Chapman coordinated an aggressive, multi-million dollar campaign to promote Americas Energy stock to prospective investors through blast e-mails and direct mailings of stock promotion reports that contained false and misleading statements. While coordinating the promotional campaign designed to encourage prospective investors to buy Americas Energy stock, Strebinger and Chapman were simultaneously dumping their Americas Energy stock on the public market through an intricate web of international accounts and foreign domiciled financial institutions, located in Canada, Nevis, Panama, Switzerland, and the Turks and Caicos Islands.
The final judgment permanently enjoins Strebinger from violating Section 17(a) of the Securities Act of 1933 and Sections 10(b), 13(d) and 20(b) of the Securities Exchange Act of 1934 and Rules 10b-5, 13d-1, and 13d-2(a) thereunder. In addition, the final judgment imposes a penny stock bar and orders Strebinger to pay $1,515,640 in disgorgement. Strebinger consented to the entry of the final judgment. The Commission's litigation continues against Brent Howard Chapman and Lance Investments S.A.
The Commission acknowledges the assistance of the Swiss Financial Market Supervisory Authority (FINMA) and the British Columbia Securities Commission.
For further information, see Press Release 2014-247 (Nov. 3, 2014).