SEC Puts Genet on Canvas over China Energy
Posted July 30, 2010 11:34AM PST

The Securities and Exchange Commission won a judgment against Jason Genet, an Arizona-based agent for mixed martial arts fighter Shawn Corwin, in connection with a pump-and-dump scheme involving the now-defunct company China Energy Savings Technology.

Last year, the SEC filed a complaint against Genet in the U.S. District Court for the Eastern District of New York accusing him of distributing shares of stock in an effort to falsely qualify China Energy for a listing on Nasdaq's National Market System.

The complaint also accused Genet of seeking to falsely add value to the stock, profiting to the tune of $1.7 million from the inflated share value.

Without admitting or denying guilt, Genet consented to a final judgment that calls for a civil penalty of $130,000, disgorgement of $1.7 million, and interest penalties of $697,745.

China Energy Savings completed a reverse merger with the shell company Rim Holdings in 2004.

Sources: SEC Complaint, Blog


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