SEC charges Moon River Studios CEOs with fraud
The Securities and Exchange Commission has filed a lawsuit against Effingham-based Moon River Studios in the U.S. District Court for the Southern District of Georgia.
The lawsuit, which was filed Friday alleges that Manu Kumaran, founder and CEO of what was initially Medient Studios, which later changed to Moon River Studios, conspired with his successor CEO Jake Shapiro to make false and misleading statements in reports filed with the SEC.
The SEC also claims that Kumaran, Shapiro and Roger Miquel, CEO of Fonu2 — which also operated under the name Moon River — backdated and falsified promissory notes as a scheme to issue common stock in exchange for financing.
Miquel has agreed to settle the charges against him without admitting or denying the allegations. He’s barred from participating in any penny stock offerings or serving as a public company officer or director for five years.
Read more: http://savannahnow.com/effingham-now/2016-09-24/sec-charges-effingham-studio-ceos-fraud