(HedgeCo.Net) The Securities and Exchange Commission filed an amended complaint against Adam Rogas, the former CEO of Las-Vegas-based NS8, Inc., who was previously charged with defrauding investors by falsely claiming millions of dollars in revenue for NS8. The amended complaint adds charges against Rogas for allegedly impeding and retaliating against an NS8 employee who blew the whistle on Rogas’ fraudulent conduct. The amended complaint also charges Paul Korol, an NS8 co-founder and former Chief Customer Officer, with assisting in and profiting from Rogas’ fraud.
According to the SEC’s initial complaint, which was filed on September 17, 2020, in the U.S. District Court for the Southern District of New York, from at least 2018 through June 2020, Rogas falsified NS8’s revenue figures and, in multiple securities offerings, provided investors and potential investors with false financial information.
The amended complaint alleges that in August 2019, Rogas limited an NS8 employee’s access to NS8’s systems in an attempt to impede the employee from communicating directly with the SEC staff, and ultimately retaliated against the employee by firing him.
The amended complaint also alleges that Korol participated in and helped perpetrate the fraud. According to the amended complaint, Korol was aware that revenue numbers used by NS8 and provided to investors were falsified. Despite this, between late 2018 and mid-2019, Korol allegedly solicited numerous potential investors for NS8....
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