SEC Takes Interest in Shell Companies
The SEC is taking an interest in SPACs, or special purpose acquisition companies, also known as “shell companies”, over concerns their markedly increased use for placement on stock exchanges has provided opportunities for fraud and other misconduct:
“The SEC is looking into potentially illegal activity related to SPACs, according to people with knowledge of the inquiry. The probe was earlier reported by Reuters, which cited letters from the SEC to banks and other underwriters asking about their SPACs activity related to these offerings.”
If you have been affected by financial fraud, fiduciary malfeasance, or are under investigation by the SEC or FINRA, speak with an attorney at Warren Law Group today for a free assessment of your case: (866) WLGROUP, or email email@example.com.