2022-10-17 sec-litreleases litigation_release 65 KB 2,096 chars

SEC v. In Ovations Holdings, Inc.; and Mark Goldberg, No. LR-25559, Eastern District of New York (Oct. 17, 2022) — Press Release

raw: In Ovations Holdings, Inc., and Mark Goldberg

In Ovations Holdings, Inc., and Mark Goldberg, No. 1:18-cv-05026 (E.D.N.Y. Oct. 17, 2022)

Caption
Securities and Exchange Commission v. In Ovations Holdings, Inc.
Source PDF JSON
summary

Mark Goldberg, former CEO of In Ovations Holdings, Inc., obtained a final consent judgment for issuing false press releases to induce stock purchases, resulting in a $294,889.86 judgment and industry bars.

paragraph

Mark Goldberg, the former CEO of In Ovations Holdings, Inc., faced SEC charges for issuing at least seven false or misleading press releases between 2014 and 2015. He was ordered to pay $294,889.86 in disgorgement and pre-judgment interest to settle the fraud allegations. The judgment also imposed an officer and director bar as well as a penny stock bar against him.

narrative

The SEC secured a final consent judgment against Mark Goldberg, the former CEO of In Ovations Holdings, Inc., for orchestrating a scheme involving false press releases from 2014 to 2015. Goldberg used these misleading announcements to induce investors to buy stock, allowing promoters to profit while he received approximately $250,000. The court enjoined him from violating Section 10(b) of the Securities Exchange Act and imposed both officer/director and penny stock bars. Goldberg was ordered to pay $294,889.86 in disgorgement and pre-judgment interest, a total satisfied by a related criminal restitution and forfeiture order. While Goldberg's case is resolved, the SEC's litigation against In Ovations Holdings, Inc. remains pending. This enforcement action was supported by the U.S. Attorney's Office for the Eastern District of New York.

Enriched metadata

Scheme
pump-and-dump (95%)
Court
Eastern District of New York
Case No.
1:18-cv-05026
Disgorgement
$250,000
Victim loss
$250,000
Entity
In Ovations Holdings, Inc.
Classified pump-and-dump(confidence 95%). EDGAR detection: forms S-8/S-1/424B/8-K· recall 69% / precision 12%. detection rule →
Statutes
Section 10(b) of the Securities Exchange ActRule 10b-5
Parties
Securities and Exchange CommissionIn Ovations Holdings, Inc.Mark Goldberg
Keywords
goldbergovations holdingsmark goldbergovationsholdingsincagainstmarkfinal enteredentered againstsecurities exchangestock promotersagainst goldbergstockfinal

Exhibits & Attached Documents (1)

Extracted insights

Dollar amounts 4
  • $295K $294,889 $100K–$1M
  • $250K $250,000 $100K–$1M
  • $250K $250,000 $100K–$1M
  • $45K $44,889 $10K–$100K
Entities 6
  • company against defendant in ovations holdings, inc.
  • agency assistance of u.s. attorney's office for the eastern district of new york
  • person final judgment
  • person mark goldberg
  • agency Securities and Exchange Commission
  • court united states district court for the eastern district of new york
Triples 12
  • United States District Court For The Eastern District Of New York entered final consent judgment against Mark Goldberg
  • SEC filed complaint on September 5, 2018
  • Mark Goldberg generated false or misleading press releases
  • Mark Goldberg caused Ovations to issue false press releases
  • Mark Goldberg received approximately $250,000
  • final judgment enjoins Mark Goldberg from violating antifraud provisions
  • final judgment imposes officer or director bar
  • final judgment orders Mark Goldberg to pay disgorgement of $250,000
  • final judgment orders Mark Goldberg to pay prejudgment interest of $44,889.86
  • United States v. Goldberg satisfies obligation to pay disgorgement and prejudgment interest
  • SEC appreciates assistance of U.S. Attorney's Office For The Eastern District Of New York
  • Commission's case remains pending against defendant In Ovations Holdings, Inc.
PDF (from attached: complaint)
SEC v. IN OVATIONS HOLDINGS · Source
Text layers
Extracted body text (2,096c) 
Final Judgment Entered Against Former Microcap CEO Litigation Release No. 25559 / October 17, 2022 Securities and Exchange Commission v. In Ovations Holdings, Inc., and Mark Goldberg, No. 1:18-cv-05026 (E.D.N.Y. filed September 5, 2018) On October 6, 2022, the United States District Court for the Eastern District of New York entered a final consent judgment against Mark Goldberg, a resident of Middle Village, New York, and the former CEO of In Ovations Holdings, Inc. The SEC's complaint, filed on September 5, 2018, alleged that from at least 2014 through 2015, Goldberg, as Ovation's CEO, generated at least seven false or misleading press releases about Ovations' business. According to the complaint, Goldberg caused Ovations to issue the false press releases to fraudulently induce investors to buy shares of Ovations' stock so that one or more stock promoters could sell the shares into the market for a profit. The complaint alleges that Goldberg knew or recklessly disregarded the falsity or misleading nature of each of these press releases and that he received approximately $250,000 in return from one or more stock promoters at least partly for his role in the alleged fraud. The final judgment entered against Goldberg enjoins him from violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. It also imposes an officer or director bar, a penny stock bar, and orders Goldberg to pay disgorgement of $250,000, representing profits gained as a result of the conduct alleged in the complaint, plus pre-judgment interest of $44,889.86 for a total of $294,889.86. The obligation to pay this amount of disgorgement and prejudgment interest is deemed satisfied by entry of the restitution order and forfeiture order against Goldberg in the related criminal case, United States v. Goldberg, Crim No. 18-cr-76 (ARR) (E.D.N.Y.). The SEC appreciates the assistance of the U.S. Attorney's Office for the Eastern District of New York. The Commission's case remains pending against defendant In Ovations Holdings, Inc. SEC Complaint
OCR text (2,096c · html-text · 99% conf) 
Final Judgment Entered Against Former Microcap CEO Litigation Release No. 25559 / October 17, 2022 Securities and Exchange Commission v. In Ovations Holdings, Inc., and Mark Goldberg, No. 1:18-cv-05026 (E.D.N.Y. filed September 5, 2018) On October 6, 2022, the United States District Court for the Eastern District of New York entered a final consent judgment against Mark Goldberg, a resident of Middle Village, New York, and the former CEO of In Ovations Holdings, Inc. The SEC's complaint, filed on September 5, 2018, alleged that from at least 2014 through 2015, Goldberg, as Ovation's CEO, generated at least seven false or misleading press releases about Ovations' business. According to the complaint, Goldberg caused Ovations to issue the false press releases to fraudulently induce investors to buy shares of Ovations' stock so that one or more stock promoters could sell the shares into the market for a profit. The complaint alleges that Goldberg knew or recklessly disregarded the falsity or misleading nature of each of these press releases and that he received approximately $250,000 in return from one or more stock promoters at least partly for his role in the alleged fraud. The final judgment entered against Goldberg enjoins him from violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. It also imposes an officer or director bar, a penny stock bar, and orders Goldberg to pay disgorgement of $250,000, representing profits gained as a result of the conduct alleged in the complaint, plus pre-judgment interest of $44,889.86 for a total of $294,889.86. The obligation to pay this amount of disgorgement and prejudgment interest is deemed satisfied by entry of the restitution order and forfeiture order against Goldberg in the related criminal case, United States v. Goldberg, Crim No. 18-cr-76 (ARR) (E.D.N.Y.). The SEC appreciates the assistance of the U.S. Attorney's Office for the Eastern District of New York. The Commission's case remains pending against defendant In Ovations Holdings, Inc. SEC Complaint

Related documents (1)