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September 26, 2016

Posted  October 10, 2016

The SEC charged former microcap company CEO Craig V. Sizer and “boiler room” operator Miguel “Michael” Mesa with defrauding seniors and other investors who were pressured to invest in a pair of penny stock companies and promised lucrative profits.  The SEC alleges Sizer founded Sanomedics Inc. and Fun Cool Free Inc., purportedly in the business of selling, respectively, non-contact infrared thermometers and software applications, and hired Mesa to help him attract and defraud investors in both companies.  Sizer allegedly provided Mesa with a list of pitch points for use by boiler room agents hired by Mesa to sell shares of the stocks based on misrepresentations that investor funds would be used for research and development and no sales commissions would be paid out of investor funds.  According to the SEC’s complaint, Sizer and Mesa misappropriated approximately 90% of the funds raised from investors, enriching themselves and paying commissions to boiler room agents.  Several hundred investors nationwide were allegedly defrauded out of a total of approximately $20 million.  SEC

Tagged in: Securities Fraud,