SEC Charges Sports Memorabilia Company and Its Officers with Fraud

Smart investors pay attention to how many pairs of eyes are on the inner workings of a company.

According to the U.S. Securities and Exchange Commission, father and son officers of a sports memorabilia company simply made up revenue figures for the company, then sold unregistered stock to investors on the strength of those phony numbers.   The SEC charged Joseph D. Radcliffe and his son Michael J. Radcliffe, both of Elka Park, New York, with operating the financial fraud at Image Innovations Holdings, Inc. (“Image”), and also charged Joseph Radcliffe with illegal insider trading in Image shares.  According to the SEC’s press release: (more…)