Taronis Fuels to pay $5.1M in SEC fraud settlement

SEC

Industrial gas and water products manufacturer Taronis Fuels agreed to pay $5.1 million to settle fraud charges levied by the Securities and Exchange Commission (SEC) on Wednesday.

Taronis Fuels, its former parent company Taronis Technologies (now known as BBHC), and Taronis Tech Chief Executive Scott Mahoney issued materially false and misleading press releases trumpeting fake or misleading deals with customers, according to the SEC’s complaint, filed in U.S. District Court for the Middle District of Florida. Made-up deals were announced with the city of San Diego, the Turkish government, a franchise of Popeye’s Louisiana Kitchen, and Smithfield Foods, the SEC stated.

Without admitting or denying wrongdoing, Taronis Fuels consented to be permanently enjoined from violating the charged provisions of federal securities laws and pay disgorgement of approximately $4.9 million and prejudgment interest of approximately $232,000.

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