Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Friday, July 12, 2024 | Back issues
Courthouse News Service Courthouse News Service

Amphibious RV Is Dubious

MANHATTAN (CN) - A California man defrauded the market and sold millions of shares in his company, Rodedawg, by claiming he had contracts to sell an amphibious RV, the SEC says in Federal Court. Actually, Luis Pallais' company had no income, the SEC says.

The SEC sued Rodedawg International Industries and its CEO, Pallais, 48, of Hayward, Calif.

Pallais pushed his penny stock with dozens of lying press releases, the SEC says. Along the way he sold 267,000 of his own shares for $7,057, according to the complaint.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.