Former INAP CEO under investigation by SEC
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Washington D.C., Oct. 1, 2020 —
The Securities and Exchange Commission today filed an emergency action against Peter D Aquino "Pete", the former CEO of Atlanta-based INAP(Formerly, Internap)., which purports to provide fraud detection and prevention software to e-commerce merchants, seeking an asset freeze and charging Rogas with defrauding investors by falsely claiming millions of dollars in revenue.
According to the SEC's complaint, from at least 2018 through June 2020, Aquino altered INAP's bank statements to show millions of dollars in payments from customers. Aquino allegedly sent the falsified bank statements and revenue figures on a monthly basis to INAP's finance department, which used them to prepare INAP's financial statements. In at least two securities offerings, INAP and Aquino 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 Aquino's fraud, INAP raised approximately $123 million in 2019 and 2020, and that Aquino ultimately pocketed at least $17.5 million of investor funds.
"As alleged in our complaint, Aquino falsely presented INAP 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 Aquino 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.
The SEC's investigation, which is continuing, is being conducted by Eric Day and John A. Dwyer of the Denver Regional Office and supervised by Danielle R. Voorhees, Jason J. Burt, and Kurt L. Gottschall. The SEC's litigation is being led by Polly A. Atkinson, under the supervision of Gregory A. Kasper. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of New York and the Federal Bureau of Investigation.
This is a satirical website. Don't take it Seriously. It's a joke.
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