Rogas was charged with raising $123 million in fraudulent offerings.
The Sonn Law Group is investigating the 2020 offering from NS8 that raised $73 million and possible claims against third parties who may be liable for aiding and abetting the fraud. Please contact us today for a free review of your case.
The SEC filed an emergency action against Adam Rogas, the former CEO of NS8, Inc., in Las Vegas, Nevada on September 17, 2020, seeking an asset freeze and charging Rogas with defrauding investors by falsely claiming millions of dollars in revenue. NS8 claims to provide fraud detection and prevention software to e-commerce merchants.
According to the SEC’s complaint, from 2018 through June 2020, Rogas altered NS8’s bank statements to show millions of dollars in payments from customers. Rogas allegedly sent the falsified bank statements and revenue figures on a monthly basis to NS8’s finance department, which used them to prepare NS8’s financial statements.
In at least two securities offerings, NS8 and Rogas allegedly provided investors and prospective investors the false financial statements, showing millions of dollars in revenue and assets and other information incorporating the falsified revenue figures. The SEC alleges that as a result of Rogas’s fraud, NS8 raised approximately $123 million in 2019 and 2020, and that Rogas ultimately pocketed at least $17.5 million of investor funds.
“As alleged in our complaint, Rogas falsely presented NS8 as a successful business by fabricating revenue figures and providing them to investors,” said Kurt L. Gottschall, Director of the SEC’s Denver Regional Office. “Investors are entitled to accurate information about a company’s financial condition and the SEC is committed to holding accountable corporate executives who deceive investors.”
The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, charges Rogas with violating antifraud provisions of the federal securities laws. The SEC seeks injunctions, disgorgement of allegedly ill-gotten gains with prejudgment interest, and financial penalties.
Contact Us Today
The Sonn Law Group is investigating the 2020 offering from NS8 that raised $73 million and possible claims against third parties who may be liable for aiding and abetting the fraud. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.