Penny Stock Ameritrust Corp. Stole Millions, SEC Suit Claims (1)

Ameritrust Corp. and its CEO stole millions from investors in the Republic of Korea, the SEC alleges in a civil lawsuit filed in the US District Court for the District of Connecticut.

The Security and Exchange Commission’s complaint, accompanied by an emergency motion for a temporary restraining order and asset freeze, claims the publicly-traded penny stock company defrauded investors by overstating its assets by at least $70 billion.

The commission also says that after recruiting at least 2,000 people to invest in Ameritrust—and raising more than $20 million—its chief executive officer Seong Yeol Lee “absconded with at least $4 million ...