The SEC announced fraud charges against Sheldon R. Rose, alleging that he created more than a dozen blank check companies, installed friends and family members as figurehead company officers and shareholders allowing him to secretly control the companies and their securities, falsified registration statements and other corporate filings to make it appear that the companies were pursuing real business ventures, and then carrying out reverse mergers by which the securities were sold to enrich Rose and others. Rose is connected to a scheme halted by the SEC last year. Rose has agreed to settle the charges. An administrative law judge will determine monetary sanctions. SEC
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