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Home Latest News General

SEC Files Fraud Charges Against Premier Holding Corp. And CEO

by Jay Helton
December 5, 2017
1 min read
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On December 4, 2017, the Securities and Exchange Commission announced that it had charged a microcap company and its CEO with conducting a fraudulent scheme to mislead investors about the company’s prospects and success. The company and CEO are also accused of hiding losses, inflating the value of its assets and artificially propping up its stock price. The SEC’s complaint alleges that Premier Holding Corp. and its CEO, Randall Letcavage, carried out a series of purportedly important transactions with related parties to give the impression of an active company with a promising and vibrant business.

The complaint alleges that Letcavage and Premier Holding Corp. used these transactions to mislead investors about the company’s financial health and to hide its losses. The defendants allegedly assigned a high value to Premier’s tangible asset, a promissory note, despite knowing that it was incorrect. The defendants are accused of misleading investors about the promissory note in filings with the SEC in 2013 and 2014.

The Securities and Exchange Commission has also charged Joseph Greenblatt, a consultant who provided Premier with accounting services. The SEC complaint alleges that Greenblatt helped Premier in preparing certain fraudulent financial statements. Additional details can be found here.

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