The SEC charged a Florida-based penny stock companyHeathrow Natural Food & Beverage Inc. and its CEO Michael S. Pagnano with defrauding investors by issuing false and misleading press releases proclaiming large sales and fantastic revenue projections while the purported health food company actually was a failing enterprise. According to the SEC, Heathrow touted sales of natural health food products that the company had not even manufactured as well as non-existent distribution agreements with major retail chains. Meanwhile, Pagnano was prompting the illegal, unregistered distribution of billions of shares of company stock to several people or entities, including himself. SEC
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