SEC v. Andrew Wyles Waters

Andrew Wyles Waters allegedly perpetrated a fraudulent scheme involving his private sale of restricted common stock in ECom Products Group Corporation. According to the complaint, from late 2019 to July 2022, Waters fraudulently induced more than 20 investors to purchase EPGC common stock from him and fraudulently caused 12 investors to accept EPGC common stock in exchange for the stock of another company Waters owned and controlled. According to the complaint, Waters made repeated false and misleading statements to investors about EPGC's business and purported Regulation A offering, as well as his intended use of the funds he obtained from his sales of the stock. According to the complaint, Waters and his wife used cash proceeds from Waters' fraud for personal expenses.

Summary generated from official Securities and Exchange Commission press release