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Jasper "Jay" Knabb, 42, is accused of a stock-dumping scheme involving his former company, Pegasus Wireless Corp.
The case is a civil suit and may be followed by criminal charges from the Department of Justice, SEC officials said today. The SEC does not have the authority to file criminal charges.
Knabb was the chief executive officer of Pegasus. The former chief financial officer, Stephen Durland, is also accused of funneling $2 million from the scheme into his own pockets, according to the lawsuit filed Tuesday in U.S. District Court in San Francisco.
Knabb and Durland used the money to pay for lifestyles that included lavish homes, an airplane, Ferraris, other sports cars, boats and diving equipment, according to the lawsuit.
Knabb's wife, Tammy Knabb, bought a $1.5 million house in South Anchorage in February. The house was purchased under the name "Sky Mountain Family Trust," registered in South Carolina.
Efforts to reach both Knabbs were unsuccessful.
The SEC accuses Knabb and Durland of faking documents to get the SEC to allow them to issue more shares in their Nasdaq-listed company. The men said they needed to raise money to pay off debt. But there was no debt. And the unrestricted shares were funneled through family and friends, then sold for millions of dollars that eventually made it back to Knabb and Durland, the lawsuit says.
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Find Megan Holland online at adn.com/contact/mholland or call 257-4343.
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