SEC v. Crystal World Holdings, Inc.

Crystal World Holdings, Inc., The New Sports Economy Institute, and Christopher Rabalais allegedly engaged in the unregistered offer and sale of securities and operating a fraudulent “gift-donation” scheme, according to the SEC. The complaint alleged that Rabalais solicited funds from investors that he described as “donations” to New Sports, a non-profit entity he controlled, in return for which investors received “gifts” of Crystal World stock. The complaint further alleged that Rabalais would then tout that the Crystal World stock was about to registered with the Commission.

Summary generated from official Securities and Exchange Commission press release