The Securities and Exchange Commission (SEC) has filed charges against Curt Kramer and his wholly-owned businesses Power Up Lending Ltd., Geneva Roth Remark Holdings, Inc., and 1800 Diagonal Lending, LLC (formerly known as Sixth Street Lending LLC), for operating as unregistered securities dealers.
According to the SEC’s complaint, from at least January 2018 through at least March 2023, Kramer and his companies engaged in the business of purchasing convertible securities from penny stock issuers, converting those securities into common stock at a large discount from the prevailing market price, and quickly selling the newly issued shares into the market for a profit.
The SEC’s complaint alleges that the Defendants purchased nearly 2,000 convertible securities from about 325 microcap stock issuers, converted the securities into more than 100 billion newly-issued shares of common stock, rapidly sold the newly issued shares into the market, and generated millions of dollars in revenues and profits. The SEC alleges that Kramer and his companies were not registered as dealers with the SEC or associated with a registered broker-dealer, as their activities required them to do.
The SEC seeks a permanent injunction, disgorgement of ill-gotten gains plus prejudgment interest, civil penalties, a penny stock bar, and other equitable relief.
