Investment Firm, Owners Must Face SEC Securities Scheme Suit

An investment firm, its owners, and others who allegedly made $81 million in schemes involving secret stock promotion funding must face SEC allegations after a federal judge in New York ruled the agency complaint sufficient to move forward.

Alexander Dillon and Cosmin Panait co-own GPL Ventures and GPL Management LLC and argued that the Securities and Exchange Commission complaint should be thrown out. But the agency plausibly alleged they violated federal securities laws, so the case can proceed, the U.S. District Court for the Southern District of New York said.

Dillon, Panait, and the GPL entities argued that the ...