SEC v. Shannon Illingworth

Shannon Illingworth allegedly engaged in a fraudulent scheme to conceal his control of GP Solutions and hide that most of GP Solutions’ revenue came from sales of shipping containers to related parties secretly controlled by Illingworth, and deceive investors about the company’s true financial condition, according to the SEC. Illingworth, through his private company GP Capital Group, Inc., allegedly raised approximately $11 million through the unregistered offer and sale of securities.

Summary generated from official Securities and Exchange Commission press release