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SEC Fights To Call Spartan ‘Shell Factory’ At Trial

by scceu0506

Law360 (November 23, 2020, 5:57 PM EST) — The U.S. Securities and Exchange Commission urged a Florida federal court on Friday to reject Spartan Securities’ bid to block the use of the term “shell factory” in an upcoming trial over allegations that the broker-dealer was complicit in the creation of sham companies that allegedly fraudulently sold stock.

The regulator wants to use what it feels is an accurate description in a trial currently set for February over claims that Spartan and transfer agent Island Capital assisted a scheme to create sham companies and fraudulently sell stock on the over-the-counter markets.

The regulator called it “astonishing” that Spartan, Island, and…

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