Information and Alerts
Alert Details
This business has 2 alerts.
Government Actions 1
United States Securities and Exchange Commision v. Egbon
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.
The SEC brings this action against Defendant Blessing K. Egbon (“Egbon”), the former CEO of the Milwaukee, Wisconsin fuel services company Exit 7C, Inc. (“Exit 7C”), for making false and misleading statements and misappropriating approximately $2.15 million from investors in Exit 7C. Between August 2016 and March 2020, Egbon offered and sold $6.47 million in securities to at least 14 investors by providing the investors with fictitious revenue and profit figures and forged bank statements for Exit 7C. Shortly after receiving the investors’ funds, Egbon began misappropriating the money and spending it on various personal expenses, including visits to nightclubs, chartered jets, villa rentals, and tickets to sporting events.
On February 24, 2022, Egbon entered into a consent agreement acknowledging his guilt in the matter.
Government Actions 2
USA v. Egbon - Blessing K Egbon
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.
The United States Attorney charges that: Beginning by approximately August of 2018, and continuing through at least July of 2020, in the State and Eastern District of Wisconsin and elsewhere, Blessing K. Egbon, with intent to defraud, knowingly devised and executed a scheme to defraud investors and potential investors and to obtain money by means of materially false and fraudulent pretenses and representation, and knowingly caused wire communications to be transmitted in interstate commerce for the purpose of executing the scheme.
On March 16, 2022, Egbon pleaded guilty. Sentencing is set for August 5, 2022.
Service Area
- Milwaukee County, WI
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