Securities,
Entertainment & Sports
Sep. 29, 2022
Pasadena Video game maker conducted Ponzi scheme, SEC says
“When raising that money, defendants represented that proceeds from the sale of Pebblekick’s notes would be used to finance the acquisition of intellectual property for its operating business, which supplied entertainment media for use in institutional settings such as nursing homes, educational institutions, and prison facilities,” Gary Y. Leung of the SEC wrote in the complaint.
Media and video game maker Pebblekick Inc. and its chief executive officer were accused of misappropriating funds after raising $17 million to pay former investors in a Ponzi-like scheme, according to a U.S. Securities and Exchange Commission lawsuit.
“When raising that money, defendants represented that proceeds from the sale of Pebblekick’s notes would be used to finance the acquisition of intellectual property for its operating business...
For only $95 a month (the price of 2 article purchases)
Receive unlimited article access and full access to our archives,
Daily Appellate Report, award winning columns, and our
Verdicts and Settlements.
Or
$795 for an entire year!
Or access this article for $45
(Purchase provides 7-day access to this article. Printing, posting or downloading is not allowed.)
Already a subscriber?
Sign In