SEC v. Steve A. Smith, Jr.

Steve A. Smith, Jr., along with Xtreme Fighting Championships, Inc., allegedly engaged in a fraudulent scheme to sell large amounts of Xtreme Fighting stock to the investing public. According to the SEC, the stock sales were not registered with the Commission nor exempt from registration. Smith and the in-house counsel allegedly hid their control of the stock to avoid legal limits on sales by insiders. Between approximately January 2020 through at least April 2022, Smith and Xtreme Fighting’s scheme allegedly generated over 5000000 in proceeds, of which Xtreme Fighting received at least 436000. In April 2022, Smith and Xtreme Fighting publicly filed an annual report that allegedly falsely stated that Xtreme Fighting’s financial statements were audited by an independent registered public accounting firm.

Summary generated from official Securities and Exchange Commission press release