ATLANTA (Legal Newsline) - The Securities and Exchange Commission has accused an offshore investment adviser of fraud.
Anthony Welch, a former investment adviser formerly of Oxford, Miss., and now residing in Freeport, Bahamas, was accused of fraud by the SEC in a civil action filed Friday in Georgia federal court.
He is accused of securities fraud in conjunction with a series of allegedly false and misleading press releases issued in 2010 by eHydrogen Solutions, Inc. and ChromoCure, two now-defunct companies.
Welch was the Chairman and Chief Executive Officer of the two companies.
The complaint alleges that from March 2010 through August 2010, Welch issued communiques and other disclosures that were false and misleading. He allegedly claimed that information-concerning technologies were acquired by eHydrogen and ChromoCure. The complaint also alleges that the releases coincided with suspicious price and trading volume increases in the common stock of eHydrogen and ChromoCure.
Welch is alternatively charged with aiding-and-abetting the antifraud violations of eHydrogen andChromoCure. The SEC wants a permanent injunction, disgorgement plus prejudgment interest, civil penalties, a penny stock bar and an officer and director bar.