An equity crowdfunding offering by a food truck franchisor has been withdrawn after federal authorities arrested 14 individuals who are accused of being part of a sophisticated ring that manipulated the company’s stock when it traded on the OTCQB from 2014 to 2015. The Reg CF offering by The Grilled Cheese Truck was listed on FlashFunders, owned by Boustead Securities of Irvine, Calif.
“The defendants designed an elaborate, fraudulent scheme, to defraud the investing public, preying, in particular, upon unsuspecting and elderly investors,” said Bridget Rohde, U.S. Attorney for the Eastern District of New York.
The stocks of five publicly traded companies that were manipulated in the scheme include: National Waste Management Holdings, CES Synergies, Grilled Cheese Truck, Hydrocarb Energy Corp. and Intelligent Content Enterprises. CLICK HEADLINE FOR MORE>>
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