Friday, June 3, 2022

George Stubos busted by SEC

Vancouver resident George Stubos, who has a long history of stock swindling in B.C., is now facing securities fraud charges in the US related to an illegal offshore shell company scheme. The SEC announced civil charges against George Stubos on June 8 for engaging in a “sophisticated” and “deceptive” fraud scheme whereby offshore shell companies were utilized to fraudulently generate $11m in net profits from two U.S. companies. Stubos used nominees for offshore companies to hide his control of the stock. He broke up his shares with these nominees in less than 5% portions to avoid reporting requirements. "By day, Mr. Stubos serves as president and chief executive officer of Stubos Capital Inc in Vancouver, Canada. His private equity company’s primary goal is to help early and development stage ventures obtain critical funds to support their business models."
George Stubos
Stubos hired marketing agencies to tout the companies. Petrosonic Energy Inc. of Nevada and Ener-Core Inc. of Delaware were complete frauds. The commission alleges “Stubos utilized the illicit services of Frederick L. Sharp and “the Sharp Group” to facilitate each step of his fraud.” Sharp has been found guilty of securities fraud by default and owes $52.9m.
Sharpe was last known to be in West Vancouver.

See ----->SEC wants $52.8m from fraudster Sharp