The Chief Executive Officer of a publicly-traded company began publishing a series of false and misleading statements on a messaging board. The CEO created an alias in an effort to disguise his identity. Investigators with the Securities and Exchange Commission became aware of the CEO’s messaging and launched an investigation. When the CEO lied during the investigation, federal prosecutors later convened a grand jury.
The grand jury voted to return an indictment, charging the CEO with securities fraud and with making false statements. The indictment exposes the defendant to the potential loss of liberty and forfeiture of his personal property.