TACOMA (CN) – The SEC today froze the assets of Bremerton-based GHL Technologies, alleging its directors made $13 million in an illegal pump-and-dump stock scheme.
The SEC claims CEO Gene Hew-Len issued a series of false press releases to pump the company’s stock. It also sued Francisco Abellan aka Frank Abel, of Barcelona, Spain, who allegedly helped Hew-Len run the scheme by sending more than 2 million glossy promos to people in the United States.
GHL is also known as NXGen Holdings. The SEC secured the freezing of funds in Federal Court.