SEC Charges General Counsel With Fraud in Fake Loan Scheme
The U.S. Securities and Exchange Commission has charged Arista Power Inc., its general counsel, Michael Hughes, its CEO and a third party with securities fraud.
June 21, 2017 at 01:44 PM
3 minute read
The U.S. Securities and Exchange Commission has charged Arista Power Inc., its general counsel, Michael Hughes, its CEO and a third party with securities fraud involving a scheme to disguise the public company's financing and its money difficulties.
Arista, which previously operated under two other names, purported to develop and sell energy-producing wind turbines. A penny stock company, it filed for bankruptcy in December 2015 during the SEC's investigation and is undergoing liquidation, according to the commission.
Attorney Michael Hughes began doing legal work for the company in 2008, and in 2013 became general counsel, the SEC stated. He also continued as a partner in the New York office of Schwell Wimpfheimer & Associates, which also has offices in Jerusalem and Tel Aviv. Neither Hughes nor the law firm immediately returned phone calls seeking comment.
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