SEC v. Wayne H. McLean

Wayne H. McLean and Joan E. Powell allegedly facilitated a fraudulent scheme to sell purported shares of Eastern Metal Securities (EMS). McLean allegedly offered and sold EMS securities to investors, by making solicitations through podcasts that made materially false and misleading statements. Powell allegedly collected and forwarded investor money to accounts controlled by Karlsson. According to the SEC's complaint, McLean and Powell retained a portion of the investment funds for their own personal use despite claiming that they were performing these functions without remuneration.

Summary generated from official Securities and Exchange Commission press release