SEC v. Frank Igwealor; Patience Ogbozor; Alpharidge Capital LLC; American Community Capital LP; GiveMePower, Inc.; Kid Castle Educational Corporation, et al., No. LR-26171, Central District of California (Nov. 19, 2024) — Press Release

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26171 / November 19, 2024 Securities and Exchange Commission v. Frank Igwealor, Patience Ogbozor, Alpharidge Capital LLC, American Community Capital LP, GiveMePower, Inc., Kid Castle Educational Corporation, Los Angeles Community Capital, and Video River Networks, Inc., No. 2:24-cv-09941 (C.D Cal. filed Nov. 18, 2024) SEC Charges CEO with Misappropriation of $2.2 Million and $6 Million of Illegal Stock Sales The Securities and Exchange Commission announced today it filed charges against Frank Igwealor of Playa del Rey, California, the CEO of several microcap issuers, for engaging in a scheme to misappropriate $2.2 million from a microcap company he controlled to purchase a home, and illegally selling millions of shares of three other microcap issuers he controlled for a profit of approximately $6 million. The SEC’s complaint, filed in the U.S. District Court for the Central District of California, alleges in November 2021, Igwealor and his spouse, Patience Ogbozor, illegally extended themselves a personal multi-million dollar mortgage from a subsidiary of GiveMePower, Inc. while Igwealor was the CEO of the company and Ogbozor was a director. According to the Complaint, Igwealor subsequently orchestrated sham transactions involving GiveMePower, two additional microcap issuers and a private entity that he controlled in order to obfuscate the original misappropriation, transfer the mortgage and ultimately avoid repayment. In addition, from July 2021 to February 2022, Igwealor allegedly sold approximately 663 million shares of three different microcap issuers he controlled, in excess of limitations under the securities law, applicable to him as a control person of these companies. The SEC’s complaint charges Igwealor with violating Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 (“Securities Act”) and Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 thereunder, and aiding and abetting violations of Sections 13(a) and 13(k) of the Exchange Act and Rules 12b-20 and 13a-1 thereunder, and charges Ogbozor with violating Section 17(a)(3) of the Securities Act and aiding and abetting violations of Section 13(k) of the Exchange Act. In its case against Igwealor and Ogbozor, the SEC seeks permanent injunctions, officer and director bars, civil penalties, disgorgement, and prejudgment interest as to both defendants, as well as a penny stock bar against Igwealor. The SEC’s Complaint also charges GiveMePower, Inc, Kid Castle Educational Corporation, Video River Networks, Inc., Alpharidge Capital LLC and Los Angeles Community Capital with securities law violations in connection with the mortgage-related fraud; and charges Alpharidge Capital LLC and American Community Capital, LP in connection with Igwealor’s illegal sales of securities. The SEC’s investigation was supervised by Tejal Shah and Michael Paley and conducted by Abigail Rosen, Thomas Peirce, Ricky Tong, Leslie Kazon and Alex Lefferts of the New York Regional Office. The litigation will be led by Ms. Rosen.

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26171 / November 19, 2024 Securities and Exchange Commission v. Frank Igwealor, Patience Ogbozor, Alpharidge Capital LLC, American Community Capital LP, GiveMePower, Inc., Kid Castle Educational Corporation, Los Angeles Community Capital, and Video River Networks, Inc., No. 2:24-cv-09941 (C.D Cal. filed Nov. 18, 2024) SEC Charges CEO with Misappropriation of $2.2 Million and $6 Million of Illegal Stock Sales The Securities and Exchange Commission announced today it filed charges against Frank Igwealor of Playa del Rey, California, the CEO of several microcap issuers, for engaging in a scheme to misappropriate $2.2 million from a microcap company he controlled to purchase a home, and illegally selling millions of shares of three other microcap issuers he controlled for a profit of approximately $6 million. The SEC’s complaint, filed in the U.S. District Court for the Central District of California, alleges in November 2021, Igwealor and his spouse, Patience Ogbozor, illegally extended themselves a personal multi-million dollar mortgage from a subsidiary of GiveMePower, Inc. while Igwealor was the CEO of the company and Ogbozor was a director. According to the Complaint, Igwealor subsequently orchestrated sham transactions involving GiveMePower, two additional microcap issuers and a private entity that he controlled in order to obfuscate the original misappropriation, transfer the mortgage and ultimately avoid repayment. In addition, from July 2021 to February 2022, Igwealor allegedly sold approximately 663 million shares of three different microcap issuers he controlled, in excess of limitations under the securities law, applicable to him as a control person of these companies. The SEC’s complaint charges Igwealor with violating Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 (“Securities Act”) and Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 thereunder, and aiding and abetting violations of Sections 13(a) and 13(k) of the Exchange Act and Rules 12b-20 and 13a-1 thereunder, and charges Ogbozor with violating Section 17(a)(3) of the Securities Act and aiding and abetting violations of Section 13(k) of the Exchange Act. In its case against Igwealor and Ogbozor, the SEC seeks permanent injunctions, officer and director bars, civil penalties, disgorgement, and prejudgment interest as to both defendants, as well as a penny stock bar against Igwealor. The SEC’s Complaint also charges GiveMePower, Inc, Kid Castle Educational Corporation, Video River Networks, Inc., Alpharidge Capital LLC and Los Angeles Community Capital with securities law violations in connection with the mortgage-related fraud; and charges Alpharidge Capital LLC and American Community Capital, LP in connection with Igwealor’s illegal sales of securities. The SEC’s investigation was supervised by Tejal Shah and Michael Paley and conducted by Abigail Rosen, Thomas Peirce, Ricky Tong, Leslie Kazon and Alex Lefferts of the New York Regional Office. The litigation will be led by Ms. Rosen.