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Exposed: Shocking Secrets of Illegal Stock Scheme Unveiled by SEC! You Won’t Believe What Happened Next…

The U.S. Securities and Exchange Commission (SEC) recently concluded a legal action against Kevin C. Dills and two entities under his control, centered around an illicit stock selling scheme. Here are the key points:

1. Defendants and Allegations: Kevin C. Dills and Joseph Padilla were accused by the SEC in June 2023 of participating in a scheme to illegally sell stocks. Allegedly, Padilla orchestrated the scheme, benefiting himself and other paying clients seeking to conduct illegal stock sales. Dills, reportedly collaborated with Padilla to sell stocks of Oncology Pharma, Inc., a company secretly owned by Dills, while avoiding legal requirements.
2. Scheme Mechanics: The scheme involved concealing the identities of individuals selling stocks through offshore accounts arranged by Padilla. Allegedly, Dills transferred stocks to individuals linked with Padilla and received proceeds from the illicit sales. Additionally, Dills purportedly exploited his influence over Oncology Pharma to issue press releases aimed at boosting investor interest in the company’s stock.
3. Final Judgments: Dills consented to a final judgment that permanently prohibits him from violating securities laws. This judgment includes a penny stock bar, further injunctive measures, a $223,229 penalty, and the repayment of $6,225,448 in disgorgement plus prejudgment interest. Similarly, Bright Star International and Life Sciences Journeys, both under Dills’ control, were ordered to pay disgorgement and prejudgment interest.
4. Disgorgement Offset: The judgment allows disgorgement to be offset by a sum Dills agreed to pay in a plea deal to settle a related criminal case. However, if the court overseeing the criminal action rejects the plea agreement, Dills would be required to pay the full disgorgement amount to the SEC.
5. Case Handling: The SEC’s Boston Regional Office managed the case, with attorneys Ryan Murphy, Michael Moran, Kathleen Shields, and Amy Gwiazda leading the effort.

In summary, the final judgment represents significant legal consequences for Dills and the entities involved in the fraudulent scheme, including monetary penalties and prohibitions against future securities law violations.