2023-09-14 sec-litreleases litigation_release 65 KB 2,172 chars

SEC v. NDB, Inc.; and Nima Golsharifi, No. LR-25829, Northern District of California (Sept. 14, 2023) — Press Release

raw: NDB, Inc. and Nima Golsharifi

NDB, Inc. and Nima Golsharifi, No. 3:23-cv-04724 (Sept. 14, 2023)

Caption
Securities and Exchange Commission v. NDB, Inc.
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summary

The SEC charged NDB, Inc. and CEO Nima Golsharifi with defrauding investors of over $1.2 million through false claims about battery technology testing and customer acquisitions.

paragraph

NDB, Inc. and its CEO, Nima Golsharifi, allegedly raised over $1.2 million by falsely claiming in a 2020 press release that their nuclear battery technology had been successfully tested at international laboratories. The SEC has charged the defendants with violating Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act. The agency is seeking injunctive relief, disgorgement, civil penalties, and an officer and director bar against Golsharifi.

narrative

The Securities and Exchange Commission has charged nuclear battery startup NDB, Inc. and its CEO, Nima Golsharifi, with defrauding investors through materially false statements. According to the SEC complaint, the defendants used a August 2020 press release to falsely claim that their battery technology had been successfully tested at two preeminent laboratories in the U.S. and U.K. and that they had secured two beta customers. These fraudulent claims induced investors to provide approximately $660,000 in the month following the release and an additional $580,000 over the next 11 months. The SEC alleges violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934. The agency is seeking injunctive relief, disgorgement with prejudgment interest, and civil penalties. Additionally, the SEC is pursuing an officer and director bar against Golsharifi.

Enriched metadata

Scheme
financial-fraud (95%)
Court
Northern District of California
Case No.
3:23-cv-04724
Victim loss
$660,000
Entity
NDB, Inc. and Nima Golsharifi
Classified financial-fraud(confidence 95%). EDGAR detection: forms 10-K/10-Q/8-K/NT 10-K· recall 67% / precision 23%. detection rule →
Statutes
Section 17(a) of the Securities ActSection 10(b) of the Securities Exchange ActRule 10b-5
Parties
Securities and Exchange CommissionNDB, Inc.Nima Golsharifi
Keywords
ndbgolsharifinima golsharifisecurities exchangeexchange commissionsecuritiesincnimaexchangebatterysec'sstartup companyover millionmillion investorsfalse misleading

Exhibits & Attached Documents (1)

Extracted insights

Dollar amounts 4
  • $1.20M $1.2 Million $1M–$10M
  • $1.20M $1.2 million $1M–$10M
  • $660K $660,000 $100K–$1M
  • $580K $580,000 $100K–$1M
Entities 3
  • court a complaint in the u.s. district court for the northern district of california
  • company ndb, inc.
  • agency Securities and Exchange Commission
Triples 10
  • Securities And Exchange Commission charged NDB, Inc. and Nima Golsharifi with fraudulently raising over $1.2 million from investors
  • NDB, Inc. and Nima Golsharifi made materially false and misleading statements in a company press release
  • NDB, Inc. and Nima Golsharifi claimed that NDB had successfully tested its battery technology at two preeminent laboratories in the United States and United Kingdom
  • NDB, Inc. and Nima Golsharifi claimed that NDB had signed its first two beta customers
  • NDB, Inc. received approximately $660,000 in investor funds in the month following the press release
  • NDB, Inc. received approximately $580,000 in additional investor funds in the subsequent 11 months
  • Securities And Exchange Commission filed a complaint in the U.S. District Court for the Northern District of California
  • Securities And Exchange Commission charges NDB and Golsharifi with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder
  • Securities And Exchange Commission seeks injunctive relief, disgorgement plus prejudgment interest, and civil penalties from NDB and Golsharifi
  • Securities And Exchange Commission seeks an officer and director bar against Nima Golsharifi
PDF (from attached: complaint)
Securities and Exchange Commission v. Ndb, Inc. Et Al. · Source
Text layers
Extracted body text (2,172c) 
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25829 / September 14, 2023 Securities and Exchange Commission v. NDB, Inc. and Nima Golsharifi, No. 3:23-cv-04724 (N.D. Cal. filed September 14, 2023) SEC Charges Nuclear Battery Startup Company and Its CEO with Fraudulently Raising Over $1.2 Million from Investors The Securities and Exchange Commission today charged NDB, Inc. ("NDB"), a private startup company formerly based in San Francisco, California that is purportedly developing a nuclear-based battery, and its CEO, Nima Golsharifi, with defrauding investors by making materially false and misleading statements in a company press release. The SEC's complaint alleges that NDB and Golsharifi raised over $1.2 million from investors after falsely claiming in an August 25, 2020, press release that NDB had successfully tested its battery technology at two preeminent laboratories in the United States and United Kingdom, and that NDB had signed its first two beta customers. The complaint alleges that these claims were false and misleading because NDB had not tested its battery technology at either laboratory and NDB had not signed any beta customers at the time of the press release. According to the complaint, NDB received significant investor interest as a result of the press release, raising approximately $660,000 in the month following the press release and approximately $580,000 in additional investor funds in the subsequent 11 months. The SEC's complaint, filed in the U.S. District Court for the Northern District of California, charges NDB and Golsharifi with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC seeks injunctive relief, including conduct-based injunctions, disgorgement plus prejudgment interest, and civil penalties from NDB and Golsharifi, and an officer and director bar against Golsharifi. The SEC's investigation was conducted by Silvana A. Quintanilla and supervised by David Zhou and Jason H. Lee of the San Francisco Regional Office. The SEC's litigation will be led by John Han and Ms. Quintanilla. SEC Complaint
OCR text (2,172c · html-text · 99% conf) 
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25829 / September 14, 2023 Securities and Exchange Commission v. NDB, Inc. and Nima Golsharifi, No. 3:23-cv-04724 (N.D. Cal. filed September 14, 2023) SEC Charges Nuclear Battery Startup Company and Its CEO with Fraudulently Raising Over $1.2 Million from Investors The Securities and Exchange Commission today charged NDB, Inc. ("NDB"), a private startup company formerly based in San Francisco, California that is purportedly developing a nuclear-based battery, and its CEO, Nima Golsharifi, with defrauding investors by making materially false and misleading statements in a company press release. The SEC's complaint alleges that NDB and Golsharifi raised over $1.2 million from investors after falsely claiming in an August 25, 2020, press release that NDB had successfully tested its battery technology at two preeminent laboratories in the United States and United Kingdom, and that NDB had signed its first two beta customers. The complaint alleges that these claims were false and misleading because NDB had not tested its battery technology at either laboratory and NDB had not signed any beta customers at the time of the press release. According to the complaint, NDB received significant investor interest as a result of the press release, raising approximately $660,000 in the month following the press release and approximately $580,000 in additional investor funds in the subsequent 11 months. The SEC's complaint, filed in the U.S. District Court for the Northern District of California, charges NDB and Golsharifi with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC seeks injunctive relief, including conduct-based injunctions, disgorgement plus prejudgment interest, and civil penalties from NDB and Golsharifi, and an officer and director bar against Golsharifi. The SEC's investigation was conducted by Silvana A. Quintanilla and supervised by David Zhou and Jason H. Lee of the San Francisco Regional Office. The SEC's litigation will be led by John Han and Ms. Quintanilla. SEC Complaint

Related documents (1)