Failure To Disclose

Scott F. Gelbard, a former stock promoter, was charged in U.S. District Court in Boston with conspiring to commit securities fraud. Gelbard, who is originally from Colorado and now lives in Canada's Pacific Northwest, was indicted on one count of securities fraud and one count of conspiracy to commit securities fraud, stated Amy Hosney, public information officer for the IRS Criminal Investigations division. According to the indictment, Gelbard and his partners owned and operated Regency Group, LLC, a stock-promotion company in Colorado. The group hired a disbarred attorney to set up brokerage accounts in the name of faux Panamanian entities that the ex-attorney managed in order that Gelbard could secretly gather and later sell stock in companies that they were promoting. One of the companies was Greenchek Technology, Inc ., a firm that supposedly produced gasoline-emission-reduction products. Starting in 2008, Gelbard and his partners allegedly began transferring Greenchek shares they had gotten to the entities controlled by the ex-attorney. They [...]