(CN) – Top officers in the Advanced Technology Group sold $14.7 million in unregistered securities through “nationwide cold-calling campaigns,” the SEC claims in Manhattan Federal Court. It sued ATG, formerly known as Oxford Global and FX3000, its founder and CEO Alexander Stelmak, and its president Abelis Raskas.
Stelmak, 61, of Jersey City, and Raskas, 59, of Boca Raton, had their salesmen introduce themselves as “representatives of Commonwealth Capital Group … a purported venture capital firm, and pitched investments in Oxford Global, Luxury [Lounge Inc.], and ATG as pre-IPO opportunities, claiming that the companies would be going public in the not-too-distant future and touting highly optimistic stock price projections,” the SEC says.
It adds that the unlucky “investors, whose capital made it possible for ATG to stay in existence … have received no cash distributions to date.”
The SEC seeks disgorgement, injunctions and penalties.