SEC v. Richard Randall, No. LR-25086, Northern District of Texas (May 3, 2021) — Press Release
raw: Richard Randall
Richard Randall, No. 3:21-cv-00979 (May 3, 2021)
summary
Richard Randall was charged by the SEC with defrauding over 50 investors out of $17.2 million in a purported wireless energy project, and faces a permanent injunction, disgorgement, and civil penalties.
paragraph
Richard Randall, a North Texas resident, allegedly defrauded over 50 investors out of $17.2 million through a fraudulent wireless energy project involving Wireless Power, LLC. Randall and his deceased associate diverted approximately $5.3 million for personal use via shell companies. The SEC charges Randall with violating antifraud provisions of federal securities laws and seeks a permanent injunction, disgorgement with prejudgment interest, and a civil penalty.
narrative
The Securities and Exchange Commission (SEC) charged Richard Randall, a North Texas resident, with defrauding over 50 investors out of $17.2 million in a purported wireless energy project involving Wireless Power, LLC. Randall and his deceased associate allegedly used shell companies to divert investor funds for personal gain, with Randall personally benefiting from approximately $5.3 million. The SEC alleges that Randall and his associate falsely claimed investor funds would be used to develop revolutionary wireless electricity technology, when in fact they were used for personal benefit. The SEC charges Randall with violating antifraud provisions of federal securities laws, including Sections 17(a)(1) and (3) of the Securities Act and Section 10(b) and Rule 10b-5 of the Exchange Act. The Commission seeks a permanent injunction, disgorgement with prejudgment interest, and a civil penalty against Randall, who is also accused of aiding and abetting Wireless Power's securities law violations.
Classified pump-and-dump(confidence 90%). EDGAR detection: forms S-8/S-1/424B/8-K· recall 69% / precision 12%. detection rule →
Statutes
Parties
Securities and Exchange CommissionRichard Randall
Keywords
randallwirelessrichard randallsecurities exchangesecuritieswireless powerinvestor fundsinvestorsrichardexchangecommissiondefrauding investorsinvestors purportedwireless energyenergy project
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 3
- $17.20M $17.2 million $10M–$100M
- $17.00M $17 million $10M–$100M
- $5.30M $5.3 million $1M–$10M
Entities 7
- person fraudulent scheme
- person richard randall
- agency sec's complaint
- agency Securities and Exchange Commission
- agency the sec's complaint
- agency the securities and exchange commission
- company wireless power, llc
Triples 37
- Richard Randall defrauded more than 50 investors
- Richard Randall raised more than $17 million
- Richard Randall allegedly engaged in fraudulent scheme
- Richard Randall promoted Wireless Power, LLC
- Richard Randall targeted investors
- Richard Randall defrauded investors more than $17 million in a wireless energy project
- Securities and Exchange Commission charged Richard Randall with defrauding more than 50 investors in a purported wireless energy project
- Richard Randall defrauded investors more than 50 investors out of more than $17 million in a wireless energy project
- The Securities and Exchange Commission charged a North Texas resident
- The SEC's complaint alleges Richard Randall and his recently deceased associate engaged in a fraudulent scheme
- Richard Randall defrauding more than 50 investors out of more than $17 million dollars
- Richard Randall defrauded investors more than 50 investors out of more than $17 million in a wireless energy project
- Richard Randall defrauded investors more than 50 investors out of more than $17 million in a wireless energy project
- Securities and Exchange Commission charged Richard Randall with defrauding investors in a purported wireless energy project
- Richard Randall defrauded investors more than 50 investors out of more than $17 million in a wireless energy project
- Securities and Exchange Commission charged Richard Randall with defrauding investors in a purported wireless energy project
- Richard Randall defrauded investors more than 50 investors out of more than $17 million in a wireless energy project
- Richard Randall defrauded investors more than 50 investors out of more than $17 million in a wireless energy project
- Securities and Exchange Commission charged Richard Randall with defrauding investors in a purported wireless energy project
- Richard Randall defrauded investors more than 50 investors out of more than $17 million in a wireless energy project
- Securities and Exchange Commission charged Richard Randall with defrauding investors in a purported wireless energy project
- Richard Randall defrauded more than 50 investors
- Richard Randall raised more than $17 million
- Richard Randall allegedly engaged in fraudulent scheme
- Richard Randall promoted Wireless Power, LLC
- Richard Randall targeted investors
- The Securities and Exchange Commission charged a North Texas resident
- The Securities and Exchange Commission charged a North Texas resident with defrauding more than 50 investors out of more than $17 million dollars
- Richard Randall defrauded more than 50 investors out of more than $17 million dollars
- SEC's complaint alleges that Richard Randall and his recently deceased associate engaged in a fraudulent scheme
- Richard Randall and his recently deceased associate engaged in a fraudulent scheme to attract investors
- Securities and Exchange Commission v. Richard Randall filed April 30, 2021
- SEC charged Richard Randall with defrauding investors in a purported Wireless Energy Project
- Richard Randall engaged in a fraudulent scheme to attract investors with a purported opportunity to invest in Wireless Power, LL
- SEC charged Richard Randall with defrauding investors in a purported Wireless Energy Project
- SEC alleges Richard Randall and his recently deceased associate engaged in a fraudulent scheme to attract investors with a purported opportunity to invest in Wireless Power
- Richard Randall defrauding more than 50 investors out of more than $17 million dollars in a wireless energy project
PDF (from attached: pdf)
Text layers
Extracted body text (2,288c)
SEC Charges Texan with Defrauding Investors in a Purported Wireless Energy Project Litigation Release No. 25086 / May 3, 2021 Securities and Exchange Commission v. Richard Randall, No. 3:21-cv-00979-N (N.D.Tex. filed April 30, 2021) The Securities and Exchange Commission today charged a North Texas resident with defrauding more than 50 investors out of more than $17 million dollars in a wireless energy project. The SEC's complaint alleges that Richard Randall and his recently deceased associate engaged in a fraudulent scheme to attract investors with a purported opportunity to invest in Wireless Power, LLC, which, in turn would invest in a revolutionary wireless technology for transmitting electricity, but then diverted most of the investor funds to themselves using shell companies that they controlled. According to the complaint, they raised approximately $17.2 million between March 2015 and July 2016 by selling units in Wireless Power. As alleged, Randall was involved in the development of the offering memorandum provided to investors, which falsely represented, among other things, that investor funds would be used by Wireless Power to acquire equity interests in companies developing the wireless technology and that this technology would generate "significant revenue streams" to investors. The Commission further alleges that Randall himself received or used for his own personal benefit approximately $5.3 million of investor funds. The SEC's complaint, filed in the Northern District of Texas, charges Randall with violating the antifraud provisions of Sections 17(a)(1) and (3) of the Securities Act of 1933 and Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 thereunder. He is also charged with aiding and abetting Wireless Power's violations of Sections 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. The Commission seeks an order permanently enjoining Randall from violating the charged provisions of the federal securities laws and requiring him to pay disgorgement with prejudgment interest and a civil penalty. The SEC's investigation was conducted by Kimberly Cain and Ty Martinez, and supervised by David Reece and Eric Werner. Keefe Bernstein is leading the litigation. SEC Complaint
OCR text (2,288c · html-text · 99% conf)
SEC Charges Texan with Defrauding Investors in a Purported Wireless Energy Project Litigation Release No. 25086 / May 3, 2021 Securities and Exchange Commission v. Richard Randall, No. 3:21-cv-00979-N (N.D.Tex. filed April 30, 2021) The Securities and Exchange Commission today charged a North Texas resident with defrauding more than 50 investors out of more than $17 million dollars in a wireless energy project. The SEC's complaint alleges that Richard Randall and his recently deceased associate engaged in a fraudulent scheme to attract investors with a purported opportunity to invest in Wireless Power, LLC, which, in turn would invest in a revolutionary wireless technology for transmitting electricity, but then diverted most of the investor funds to themselves using shell companies that they controlled. According to the complaint, they raised approximately $17.2 million between March 2015 and July 2016 by selling units in Wireless Power. As alleged, Randall was involved in the development of the offering memorandum provided to investors, which falsely represented, among other things, that investor funds would be used by Wireless Power to acquire equity interests in companies developing the wireless technology and that this technology would generate "significant revenue streams" to investors. The Commission further alleges that Randall himself received or used for his own personal benefit approximately $5.3 million of investor funds. The SEC's complaint, filed in the Northern District of Texas, charges Randall with violating the antifraud provisions of Sections 17(a)(1) and (3) of the Securities Act of 1933 and Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 thereunder. He is also charged with aiding and abetting Wireless Power's violations of Sections 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. The Commission seeks an order permanently enjoining Randall from violating the charged provisions of the federal securities laws and requiring him to pay disgorgement with prejudgment interest and a civil penalty. The SEC's investigation was conducted by Kimberly Cain and Ty Martinez, and supervised by David Reece and Eric Werner. Keefe Bernstein is leading the litigation. SEC Complaint