Reported 8 months ago
The U.S. Securities and Exchange Commission has filed a lawsuit against a man from Texas, Matthew Brown, over an alleged fraudulent $200 million offer to save Richard Branson's Virgin Orbit. Brown, who falsely portrayed himself as an experienced venture capitalist with investments in over 13 space companies, made a bogus offer to buy Virgin Orbit stock in March 2023. The SEC claims he fabricated a bank account balance, leading to a temporary stock price increase for Virgin Orbit. Brown and his firm deny the allegations, and the SEC is seeking penalties including a ban on offering securities.
Source: YAHOO