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SEC fines, bans nominee RVPlus CEO

2016-05-27 10:34 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-RVPL) RVPlus Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has imposed a permanent ban and $63,300 in penalties on a Utah man for helping an unidentified Canadian with an OTC Markets scheme. (All figures are in U.S. dollars.) The SEC claims that Christopher Day of Salt Lake City served as the nominee chief executive officer of a penny stock called RVPlus Inc. In doing so, he acted entirely on behalf of a Canadian promoter and violated a number of securities rules, the SEC says.

The sanctions are contained in an administrative order the SEC issued on Wednesday, May 25. The regulator cites Mr. Day, 29, for disclosure failures and other violations stemming from his time as the CEO of RVPlus between 2010 and 2012. According to the SEC, his actions allowed the Canadian promoter to sell RVPlus as a shell, and enabled a subsequent scheme by another man. (That man falsely touted RVPlus as having $2.8-billion in government contracts, the SEC claims. He is now facing criminal and civil charges. Meanwhile the stock went to 34 cents, and is now worthless.)

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