WASHINGTON -(Dow Jones)- The Securities and Exchange Commission Tuesday settled a complaint against George Chelekis and two companies he controls, KGC Inc., and Hot Stocks Review Inc., an Internet-based investment publishing company.
The SEC filed a complaint in U.S. District Court against Chelekis, Hot Stocks Review Inc. and KGC Inc. alleging that from January 1995 through August 1995, Chelekis "knowingly or recklessly made materially false and misleading statements concerning six publicly-traded companies."
Without admitting or denying the allegations, Chelekis, KGC and Hot Stocks Review consented to a final judgment under which they will pay a total fine of $162,727.
Also without admitting or denying the charges, Chelekis, KGC and Hot Stocks Review settled SEC allegations that from April 1994 through September 1995, Chelekis failed to disclose in Hot Stocks publications that he and the two companies he controls received at least $1.1 million from more than 150 issuers and 275,500 shares of stock from 10 issuers as payment for recommending the issuers' securities in Hot Stocks publications.
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Transmitted: 2/25/97 11:57 PM (L100Rx1q) |
