SEC v. George Iakovou

George Iakovou allegedly raised approximately $6 million from investors in a fraudulent offering of securities. Iakovou and Vika Ventures LLC allegedly did not own the shares at the time of the solicitations and never acquired them. Rather than purchasing the securities, Iakovou allegedly used investor funds to support his lavish lifestyle. As CEO of Vika Ventures, Iakovou allegedly used fraudulent documentation and statements to convince investors that Vika Ventures was a successful venture capital firm. According to the SEC, Penelope Zbravos encountered sufficient red flags regarding the company's operations to make her a negligent participant in Vika Ventures.

Summary generated from official Securities and Exchange Commission press release