Ammo Inc.'s Former Top Brass Concealed Misconduct, SEC Says

Former executives at Ammo Inc. made false statements to investors and outside auditors, including to hide that a co-founder was secretly running operations despite being banned by a 2020 court order from executive roles at public companies, the SEC said.

Fred Wagenhals, the company’s former CEO, and Robert Wiley, its former chief financial officer, repeatedly made misleading statements in public filings to conceal Christopher Larson’s executive role, according to the Securities and Exchange Commission’s complaint in the US District Court for the District of Arizona.

Larson’s undisclosed role allowed him to arrange deals that benefited his family, including a $25 ...