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In its amended complaint, the Commission alleges that Reynolds, Wynn, Fleming, and additional companies under their control purchased stock from ConnectAJet.com, Inc., My Vintage Baby, Inc. and Alchemy Creative, Inc. for pennies per share and immediately began liquidating those shares in the public market at prices grossly inflated by their own promotional activities. The amended complaint adds as defendants Lugano Funds LLC, Wynn Holdings, LLC and Regus Investment Group, LLC, which are companies owned or controlled by Reynolds, Wynn and Fleming, respectively.
In addition, the Commission alleges that Jason Wynn and companies under his control created artificial demand for the stock of ConnectAJet.com, Inc., My Vintage Baby, Inc. and Alchemy Creative, Inc. through various ad campaigns, misleading promotional mailers and spam emails.
The Commissions' lawsuit also names as defendants Beverage Creations, Inc. Chief Executive Officer Robert Wieden and former Chief Operating Officer Patrick Dado. According to the amended complaint, in a press release on February 21, 2008, Wieden and Dado falsely disclaimed any relationship between Beverage Creations, Inc. and Jason Wynn or companies under his control, even though Beverage Creations, Inc. had sold more than 3 million shares of stock to Wynn Industries, LLC and had other relationships with Jason Wynn.
The Commission alleges that, by these activities, all defendants violated Section 5 of the Securities Act, and Wynn, Wynn Holdings, Wynn Industries, Beverage Creations, Inc., Wieden and Dado violated Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. The Commission is seeking permanent injunctions and civil penalties against all defendants and disgorgement of ill-gotten gains from Reynolds, Wynn, Fleming, Lugano Funds, LLC, Wynn Holdings, LLC and Regus Investment Funds, LLC. Ryan Reynolds is a defendant in two other actions filed by the Commission: Securities and Exchange Commission v. Offill, et al. No. 3:07cv-1643-D and SEC v. Reynolds, et al., No. 3:08-cv-01687-M, both in the U.S. District Court for the Northern District of Texas. [SEC v. Ryan M. Reynolds, et al., Case No. 3-08 CV-438-B (N.D. Tex.)] (LR-20838)
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