SEC v. Cell>Point, LLC; Terry A. Colip; and Greg R. Colip, No. LR-25113, District of Colorado (June 11, 2021) — Press Release
raw: Cell>Point, LLC, Terry A. Colip, and Greg R. Colip
Cell>Point, LLC, Terry A. Colip, and Greg R. Colip, No. LR-25113 (June 11, 2021)
summary
The SEC charged Cell>Point, LLC, and its executives, CEO Greg Colip and CFO Terry Colip, with fraudulently raising $10 million from 151 investors through false statements about clinical trials and overstated capital, seeking permanent injunctions, disgorgement, and civil penalties.
paragraph
The SEC alleged that Cell>Point and its executives made false and misleading statements about the company's lead product, claiming it was nearing clinical trial completion when trials had actually been suspended since 2014. The defendants also overstated the company's capital by nearly $50 million, including mischaracterizing $38 million in debt as founder contributions. The SEC is seeking permanent injunctions, disgorgement of ill-gotten gains, civil penalties, and officer and director bars against the Colips.
narrative
The Securities and Exchange Commission (SEC) charged Cell>Point, LLC, a Colorado radiopharmaceutical company, and its executives, CEO Greg Colip and CFO Terry Colip, with fraudulently raising approximately $10 million from at least 151 investors. The defendants allegedly made false and misleading statements about the company's lead product, claiming it was nearing clinical trial completion when trials had actually been suspended since 2014. The SEC also alleged that Cell>Point and the Colips overstated the company's capital by nearly $50 million, including mischaracterizing $38 million in debt as founder contributions. The misconduct occurred between January 2016 and February 2021, during which time the defendants solicited investors with false promises of substantial returns. The SEC filed civil charges for violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934, seeking permanent injunctions, disgorgement of ill-gotten gains, civil penalties, and officer and director bars against the Colips.
Classified pre-ipo-fraud(confidence 95%). EDGAR detection: forms S-1/Form D/1-A· recall 72% / precision 8%. detection rule →
Parties
Securities and Exchange CommissionCell>Point, LLCTerry A. ColipGreg R. Colip
Keywords
cell pointcellpointcolipterry colipgreg colipterrygregcolip gregsecurities exchangesecuritiesllcsecmillionjune securities
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 4
- $50.00M $50 million $10M–$100M
- $38.00M $38 million $10M–$100M
- $10.00M $10 Million $10M–$100M
- $10.00M $10 million $10M–$100M
Entities 9
- company $10 million in securities
- company a colorado radiopharmaceutical company
- company approximately $10 million in securities
- company cell>point, llc
- location colorado
- person greg colip
- company securities
- agency Securities and Exchange Commission
- person terry colip
Triples 42
- SEC charged Cell>Point, LLC, Terry A. Colip, and Greg R. Colip
- SEC filed complaint
- Cell>Point, LLC offered and sold $10 million in securities
- Cell>Point, LLC fraudulently offering and selling approximately $10 million in securities to at least 151 investors
- SEC charged Cell>Point, LLC, Terry A. Colip, and Greg R. Colip with fraudulently offering and selling approximately $10 million in securities to at least 151 investors
- Securities and Exchange Commission charged Cell>Point, LLC, Terry A. Colip, and Greg R. Colip
- Cell>Point, LLC is a Colorado radiopharmaceutical company
- Greg Colip is CEO of Cell>Point, LLC
- Terry Colip is CFO of Cell>Point, LLC
- Cell>Point, LLC fraudulently offered and sold approximately $10 million in securities
- Cell>Point, LLC sold securities to at least 151 investors
- Securities and Exchange Commission v. Cell>Point, LLC, Terry A. Colip, and Greg R. Colip filed June 10, 2021
- SEC charged Cell>Point, LLC, Terry A. Colip, and Greg R. Colip
- SEC filed complaint
- Cell>Point, LLC offered and sold approximately $10 million in securities
- Cell>Point, LLC fraudulently offering and selling approximately $10 million in securities to at least 151 investors
- SEC charged Cell>Point, LLC, Terry A. Colip, and Greg R. Colip with fraudulently offering and selling approximately $10 million in securities to at least 151 investors
- SEC charged Cell>Point, LLC, Terry A. Colip, and Greg R. Colip with fraudulently offering and selling approximately $10 million in securities to at least 151 investors
- SEC charged Cell>Point, LLC, Terry A. Colip, and Greg R. Colip with fraudulently offering and selling approximately $10 million in securities to at least 151 investors
- Cell>Point, LLC charged with fraudulently offering $10 million in securities to at least 151 investors
- Greg Colip charged with fraudulently offering $10 million in securities to at least 151 investors
- Terry Colip charged with fraudulently offering $10 million in securities to at least 151 investors
- Cell>Point, LLC charged with fraudulently offering $10 million in securities to at least 151 investors
- Greg Colip charged with fraudulently offering $10 million in securities to at least 151 investors
- Terry Colip charged with fraudulently offering $10 million in securities to at least 151 investors
- SEC charged Cell>Point, LLC, Terry A. Colip, and Greg R. Colip with fraudulently offering and selling approximately $10 million in securities to at least 151 investors
- SEC charged Cell>Point, LLC, Terry A. Colip, and Greg R. Colip with fraudulently offering and selling approximately $10 million in securities to at least 151 investors
- Securities and Exchange Commission charged Cell>Point, LLC
- Securities and Exchange Commission charged Greg Colip
- Securities and Exchange Commission charged Terry Colip
- Cell>Point, LLC offered securities
- Cell>Point, LLC sold securities
- Cell>Point, LLC offered $10 million
- Greg Colip is CEO of Cell>Point, LLC
- Terry Colip is CFO of Cell>Point, LLC
- Cell>Point, LLC is located in Colorado
- SEC charged Cell>Point, LLC, Terry A. Colip, and Greg R. Colip with fraudulently offering and selling approximately $10 million in securities to at least 151 investors
- SEC charged Cell>Point, LLC, a Colorado radiopharmaceutical company, its CEO Greg Colip, and its CFO Terry Colip
- SEC fraudulently offering and selling approximately $10 million in securities to at least 151 investors
- SEC charged Cell>Point, LLC, a Colorado radiopharmaceutical company, its CEO Greg Colip, and its CFO Terry Colip
- SEC filed complaint
- Cell>Point, LLC offering and selling approximately $10 million in securities to at least 151 investors
PDF (from attached: complaint)
Text layers
Extracted body text (2,204c)
SEC Charges Biotech Company and Executives in $10 Million Offering Fraud Litigation Release No. 25113 / June 11, 2021 Securities and Exchange Commission v. Cell>Point, LLC, Terry A. Colip, and Greg R. Colip, No. 21-civ-01574 (D. Colo. filed June 10, 2021) The Securities and Exchange Commission today charged Cell>Point, LLC, a Colorado radiopharmaceutical company, its CEO Greg Colip, and its CFO Terry Colip with fraudulently offering and selling approximately $10 million in securities to at least 151 investors. The SEC's complaint, filed in U.S. District Court for the District of Colorado, alleges that, between January 2016 and February 2021, Cell>Point and the Colips solicited investors by making false and misleading statements that Cell>Point's lead product, an injectable compound designed for lung cancer and cardiovascular imaging, was months away from completing clinical trials that would lead to its commercialization and, ultimately, substantial returns for investors. The SEC alleges that, contrary to such statements, Cell>Point suspended its clinical trials in 2014, and never resumed them because of significant issues with its product. The SEC also alleges that Cell>Point and the Colips made false and misleading statements that overstated the capital that Cell>Point raised since its inception by nearly $50 million and that misleadingly characterized $38 million that Cell>Point owed to its founders as a "contribution" by them to Cell>Point. The SEC's complaint charges Cell>Point, Greg Colip, and Terry Colip with violations of the antifraud provisions of 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 complaint seeks permanent injunctions, disgorgement plus prejudgment interest, and civil penalties against Cell>Point, Greg Colip, and Terry Colip, and officer and director bars against the Colips. The SEC's investigation was conducted by Kevin Comeau, Ty Cottrill, and Anne Romero with assistance from Judy Bizu of the Denver office. The case was supervised by Laura Metcalfe. The litigation will be led by Polly Atkinson and Mark Williams and supervised by Gregory Kasper. SEC Complaint
OCR text (2,204c · html-text · 99% conf)
SEC Charges Biotech Company and Executives in $10 Million Offering Fraud Litigation Release No. 25113 / June 11, 2021 Securities and Exchange Commission v. Cell>Point, LLC, Terry A. Colip, and Greg R. Colip, No. 21-civ-01574 (D. Colo. filed June 10, 2021) The Securities and Exchange Commission today charged Cell>Point, LLC, a Colorado radiopharmaceutical company, its CEO Greg Colip, and its CFO Terry Colip with fraudulently offering and selling approximately $10 million in securities to at least 151 investors. The SEC's complaint, filed in U.S. District Court for the District of Colorado, alleges that, between January 2016 and February 2021, Cell>Point and the Colips solicited investors by making false and misleading statements that Cell>Point's lead product, an injectable compound designed for lung cancer and cardiovascular imaging, was months away from completing clinical trials that would lead to its commercialization and, ultimately, substantial returns for investors. The SEC alleges that, contrary to such statements, Cell>Point suspended its clinical trials in 2014, and never resumed them because of significant issues with its product. The SEC also alleges that Cell>Point and the Colips made false and misleading statements that overstated the capital that Cell>Point raised since its inception by nearly $50 million and that misleadingly characterized $38 million that Cell>Point owed to its founders as a "contribution" by them to Cell>Point. The SEC's complaint charges Cell>Point, Greg Colip, and Terry Colip with violations of the antifraud provisions of 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 complaint seeks permanent injunctions, disgorgement plus prejudgment interest, and civil penalties against Cell>Point, Greg Colip, and Terry Colip, and officer and director bars against the Colips. The SEC's investigation was conducted by Kevin Comeau, Ty Cottrill, and Anne Romero with assistance from Judy Bizu of the Denver office. The case was supervised by Laura Metcalfe. The litigation will be led by Polly Atkinson and Mark Williams and supervised by Gregory Kasper. SEC Complaint