CEO of Warrior Girl Corp. Jason Kumpf Charged with Fraud
On November 21, 2016, the Securities and Exchange Commission (“SEC”) charged Jason William Kumpf, the former CEO and president of microcap issuer Warrior Girl Corp. and a resident of San Francisco, California, with fraud based on his involvement in the issuance of false and misleading public statements concerning Warrior Girl.
According to the SEC’s complaint, filed on November 21, 2016 in the U.S. District Court for the Southern District of New York, Kumpf, along with two individuals that were previously charged by the SEC, drafted a press release that Warrior Girl issued on or about July 1, 2010. The complaint alleges that the press release falsely stated that Warrior Girl’s online school was “fully licensed” and forecasted that the school would generate over $2 million the first year, over $8 million the second year, over $27 million the third year, and over $245 million the fifth year. These allegedly false and misleading claims were repeated on multiple promotional internet sites on or about July 1, 2, and 6, 2010.
The SEC’s complaint charges Kumpf with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Without admitting or denying the SEC’s allegations, Kumpf consented to the entry of a final judgment imposing permanent injunctions, requiring him to pay a civil penalty of $10,000, ordering a penny stock bar, and prohibiting him from serving as an officer and director of a public company for a period of five years. The settlement is pending final approval by the court.
For further information about this securities law blog post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N, Boca Raton, Florida, (561) 416-8956 or by email at [email protected]. This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute, legal and compliance advice on any specific matter, nor does this message create an attorney-client relationship. Please note that the prior results discussed herein do not guarantee similar outcomes.
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