Litigation Release No. 25019 / January 29, 2021
Securities and Exchange Commission v. Revolutionary Concepts, Inc., et al., No. 1:18-cv-01832-RWS (N.D. Ga. filed April 27, 2018)
On January 22, 2021, the United States District Court for the Northern District of Georgia entered final judgment on the SEC s fraud and beneficial ownership reporting claims against Solomon RC Ali (a/k/a Richard M. Carter). Among other measures, the final judgment imposed penalties of $107,500 and barred Ali from acting as an officer or director of a public company for ten years.
The SEC s complaint, filed on April 27, 2018, alleges that Ali, while a Senior Vice President at Revolutionary Concepts, Inc. (REVO), arranged for REVO to enter into several sham transactions in which REVO would purportedly acquire valuable assets from companies that he portrayed in the press releases as independent. Ali then touted the sham transactions in press releases as being highly lucrative for REVO, while claiming that
Litigation Release No. 25015 / January 26, 2021
Securities and Exchange Commission v. Peter Baker, et al., No. 1:19-cv-02565 (N.D. Ga. filed June 4, 2019)
On January 5, 2021, Judge Leigh Martin May of the United States District Court for the Northern District of Georgia granted the SEC s motion for summary judgment against Peter Baker of Lawrenceville, Georgia.
According to the SEC s complaint, filed on June 4, 2019, Baker and codefendant Elizabeth Oharriz engaged in a scheme to sell fictitious prime bank instruments to investors, misrepresenting the instruments as legitimate and claiming that investors would earn substantial profits. As alleged in the complaint, Baker and Oharriz defrauded five groups of investors out of over $2 million and attempted to prevent investors from uncovering the fraud by providing them with fabricated bank documents.