Taronis Faces $1 Million Penalty in SEC False Statement Suit

Taronis Technologies should pay over $1 million after defaulting on allegations it made statements about its business relationships that it knew were materially false, a magistrate judge recommended.

The SEC said that the gas and water products company issued press releases saying it had agreements and relationships with certain customers. But the commission said those agreements or relationships didn’t exist, or were exaggerated, namely with San Diego, a Popeyes franchisee, Smithfield Foods, and the government of Turkey.

Taronis didn’t have a relationship with the City of San Diego, or hog producer Smithfield, and yet said in press releases that it ...