Ironridge Quits 3(a)(10) Deals and Settles SEC Action for $4.4M

Ironridge Global Partners has settled a two-year-old enforcement action with the Securities and Exchange Commission over its use of a previously obscure cause of the bankruptcy code to provide equity financing to distressed microcaps. Without admitting guilt, the fund managers agreed to one count of failing to register as a broker-dealer, and will pay $4.4 million in disgorgement penalties.

Grilled Cheese Truck

Arrests in Alleged PnD Halt Reg CF Offering of Food Truck Franchisor

An equity crowdfunding offering by a food truck franchiser has been withdrawn after federal authorities arrested 14 individuals who are accused of being part of a sophisticated ring that manipulated the company’s stock when it traded on the OTCQB from 2014 to 2015. The Reg CF offering by The Grilled Cheese Truck was listed on FlashFunders, owned by Boustead Securities of Irvine, Calif.

Gregg Jaclin

Jaclin Indicted in ‘Shell Factory’ Scheme

Veteran microcap deal lawyer Gregg Jaclin was indicted May 18 on eight counts of criminal charges related to securities fraud and obstruction of justice, according to federal court records filed in Northern California by the Department of Justice.