SEC - The United States Securities and Exchange Commission
06/18/2024 | Press release | Distributed by Public on 06/18/2024 15:20
Yanni Tassev
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26033/ June 18, 2024
Securities and Exchange Commission v. Yanni Tassev, No. 2:24-cv-01120 (D. Nev., filed June 17, 2024)
SEC Charges Former Investor Relations Employee Over Fraudulent Investment Offerings
The Securities and Exchange Commission yesterday announced charges against Yanni Tassev for fraudulently offering securities purportedly issued by his then employer.
According to the SEC's complaint, between approximately April 2022 and January 2023, and while Tassev was employed by Boxabl Inc. in an investor relations role, he indirectly obtained approximately $1,595,000 from seven investor households through the ostensible offer and sale of Boxabl securities. The complaint alleges that Tassev did not own and could not otherwise convey or deliver those securities to the investor purchasers. The complaint alleges that, although Tassev was recently a resident of the Las Vegas, Nevada area, he is presently believed to be residing in Bulgaria.
The SEC's complaint, which was filed in the U.S. District Court for the District of Nevada, charges Tassev with violations of the antifraud provisions of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Exchange Act Rule 10b-5. The SEC's complaint seeks permanent injunctive relief, disgorgement plus prejudgment interest, and civil penalties.
The SEC's Office of Investor Education and Advocacy has issued investor alerts concerning the red flags of investment fraud and checking the background of anyone selling investments through the SEC's Investor.gov website to quickly identify whether they are registered professionals. The Office of Investor Education and Advocacy's website lays out multiple methods to report a potential investment fraud.
The SEC's investigation was conducted by James Thibodeau of the Commission's Salt Lake Regional Office. The litigation will be handled by Robert Gordon and William Hicks, and supervised by M. Graham Loomis, of the Atlanta Regional Office.