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.