AGIN ANOTHER 3D SCAM?......CEO UNDER SEC INVESTIGATION FOR STOCK MANIPULATION?
On September 27, 2013, the United States Securities and Exchange Commission ("SEC") filed a civil complaint in the Eastern District of Pennsylvania against Viosolar, Inc. ("Viosolar"), Richard Walchuk, Caroline Winsor, Lisa A. Esposito and Lance W. Bauerlein (the "SEC Complaint"). The SEC Complaint alleges that in 2008 Mr. Walchuk participated in a scheme to manipulate the common stock of Viosolar, a Canadian corporation with its principal place of business in Athens, Greece. Viosolar's common stock was dually quoted in the OTCBB and OTC Link under the symbol "VIOSF." Mr. Walchuk is Viosolar's President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and a member of the board of directors. The SEC alleges that Mr. Walchuk violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and seeks an injunctive relief, disgorgement of any ill-gotten gains, and a civil penalty. The SEC also seeks an officer and director bar against Mr. Walchuk as well as a penny stock bar. More specifically, the SEC Complaint alleges that Mr. Walchuk was involved in transactions allegedly intended to affect the market for Viosolar common stock on one day, October 15, 2008, that resulted in the purchase of 5,000 shares of Viosolar common stock.
Mr. Walchuk has not been found liable for the claims asserted against him in the SEC Complaint. The SEC Complaint contains allegations which the SEC would have to prove to be true to prevail on any claim asserted against Mr. Walchuk. Mr. Walchuk denies the allegations and intends to vigorously defend against the claims made in the SEC Complaint.