SEC v. Jon Fullenkamp

Jon Fullenkamp and Scott Sand allegedly perpetrated a fraud scheme to misappropriate millions of dollars from two publicly traded, penny stock issuers. According to the complaint, from at least October 2020 through 2023, Sand and Fullenkamp enriched themselves by causing the issuers to enter into sham agreements with an entity secretly controlled by Fullenkamp, and then to issue hundreds of thousands of preferred shares to the Fullenkamp-controlled company pursuant to the sham agreements. As alleged, Sand and Fullenkamp then sold some of the preferred shares to third parties, realizing $2.6 million in proceeds, which they split between them.

Summary generated from official Securities and Exchange Commission press release