Janus Spectrum LLC – SEC Charges with Fraud | Goodman & Nekvasil P.A. May Recover Investor Losses
Securities and Exchange Commission Charges Janus Spectrum LLC with Fraud
ACCORDING TO THE SEC: This matter involves a securities offering fraud orchestrated by Defendants David Alcorn and Kent Maerki, through the company they founded and managed, Defendant Janus Spectrum LLC (“Janus Spectrum”). Janus Spectrum held itself out as a company that prepares applications for Federal Communications Commission (“FCC”) cellular spectrum licenses on behalf of third-party fundraising entities. Alcorn and Maerki organized the business so that the fundraising entities, owned and managed by Defendants Daryl Bank, Bobby Jones, Terry Johnson, and Raymon Chadwick, offered and sold securities purporting to raise funds to apply for FCC licenses. In these offerings, Defendants misled investors by promising that their investments would yield substantial returns through the sale or lease of the FCC licenses to major wireless carriers, when in fact, Defendants knew or were reckless or negligent in not knowing that the FCC licenses, if obtained, could never be sold or leased by any major wireless carriers. Defendants further concealed the actual costs associated with obtaining these FCC licenses, and pocketed substantial sums of investor moneys for their own, undisclosed, uses.
In all, the fundraising entities controlled by Bank, Jones, Johnson, and Chadwick raised over $12.4 million from investors from May 2012 through October 2014. After collecting and pooling these investor funds, the fundraising entities funneled a significant percentage of the funds to Janus Spectrum, Alcorn, and Maerki, with only a small portion of these funds used to prepare applications for FCC licenses. Alcorn and Maerki kept the remainder of the investor funds for personal use. In all, Janus Spectrum received at least $6,834,700 from the fundraising entities. Of that amount, Alcorn received at least $514,996, and Maerki received at least $867,665 of investor funds. Bank paid himself and his other businesses approximately $4,494,900 out of investor funds. Jones received approximately $622,700 from investor funds and referral fees from Janus Spectrum. Chadwick and Johnson received approximately $456,483 from investor funds and referral fees from Janus Spectrum.
By conducting this fraudulent scheme and lying to investors, Defendants violated the securities registration provisions of Sections 5(a) and 5(c) of the Securities Act of 1933 (“Securities Act”), the antifraud provisions of Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 promulgated thereunder, and the broker-dealer registration provisions of Section 15(a)(1) of the Exchange Act.
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If you incurred investment losses in Janus Spectrum LLC and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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