The SEC charged the California-based company Enviro Board Corporation and its two co-chairmen/CEOs Glenn Camp and William Peiffer with using baseless financial projections and other misleading statements to defraud investors in their venture to manufacture environmentally-friendly building materials. The SEC alleges that the defendants raised approximately $6 million over a four-year period by using documents predicting company earnings of $18 million to $95 million per year. The SEC alleges that they lacked any reasonable basis for these estimates. The defendants made additional misstatements and omissions to fraudulently induce investment. Meanwhile, according to the SEC’s complaint, Camp and Peiffer and their primary salesman, Joshua Mosshart, paid themselves approximately $2.6 million in compensation. Mosshart is charged with selling unregistered securities and acting as an unregistered broker. SEC
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