Information and Alerts
Alert Details
This business has 3 alerts.
Government Actions 1
Idaho Department of Finance v Corix Bioscience Inc and Sean Zarinegar
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On September 30, 2019, Sean Zarinegar and Corix Bioscience Inc entered into a Judgment and Permanent Injunction with the State of Idaho, Department of Finance, Securities Bureau. The Judgment settles allegations that the business failed to disclose that Mr. Zarinegar had been sanctioned by the states of Kansas, Illinois and Alabama for securities law violations; diverted investor funds to Zarinegar’s personal use without specifically disclosing that use to at least one Idaho investor; failed to disclose that one Idaho investor’s investment interest would be converted from an investment in a real estate company that made its income from owning and managing real estate, to a company growing and selling hemp and marijuana. Under terms of the judgment, the business is permanently enjoined from engaging in any act or practice that violates any provision of Idaho's Uniform Securities Act and permanently enjoined from issuing, offering or selling securities in the State of Idaho. The business must pay a money judgment in the amount of $550,800 and pay civil penalties in the amount of $20,000.
This action is final.
Government Actions 2
Securities and Exchange Commission v Corix Bioscience Inc and Michael Ogburn
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On August 9, 2019, Corix Bioscience Inc and Michael L Ogburn entered into an Order instituting Administrative and Cease and Desist Proceedings with the Securities and Exchange Commission. The order settles allegations that the business engaged in fraudulent conduct in the offer or sale of securities and in connection with the purchase or sale of securities. Under terms of the order, the business agreed to cease and desist from committing or causing any violations of the Securities Act. Michael Ogburn is prohibited, for five years, from acting as an officer or director of any issuer that has a class of securities registered and barred from participating in any offering of a penny stock. Michael Ogburn must pay a civil money penalty in the amount of $200,000.
This action is final.
Government Actions 3
The Arizona Corporate Commission v. Corix Bioscience, Inc.
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On December 17th 2019, Corix Bioscience, Inc entered into an Order to Cease and Desist, Order for Restitution, and Order for Administrative Penalties with the Arizona Corporate Commission. The Order settles allegations that the business offered and sold unregistered securities in the form of investment contracts, offered or sold unregistered securities in the form of stock, in the state of Arizona, made false or misleading representation, and misappropriated investment proceeds. Under terms of the Order, the business agreed to cease and desist violating the Securities Act, the business is ordered to pay restitution in the amount of $3,035,192 and an administrative penalty in the amount of $200,000.
This action is Final.
Important Information
Reason for Rating - Factors Lowered
Government action(s) against the business
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