SEC orders Meta Materials to pay $1M over market manipulation, fraud

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A Nevada energy and manufacturing company headquartered in Nova Scotia agreed to pay $1 million to the Securities and Exchange Commission (SEC) for allegedly violating internal accounting controls, while the agency further investigates the former CEOs.

Meta Materials violated the antifraud, reporting, internal accounting controls, and books and records provisions of federal securities laws, the SEC announced in a press release Tuesday. The company’s former CEOs John Brda and George Palikaras violated antifraud and proxy disclosure provisions, the agency added, with Brda allegedly aiding and abetting the company’s aforementioned violations.

The SEC seeks permanent injunctions, officer-and-director bars, and civil penalties from the former CEOS, along with disgorgement and prejudgment interest from Brda, according to a complaint, filed in U.S. District Court for the Southern District of New York.

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