Former Boxabl Investor Relations Executive Charged with Fraud

Boxabl’s former Investor Relations executive, Yanni Tassev, has been charged with fraud by the Securities and Exchange Commission (SEC). The complaint states that Tassev was hired in July 2021 and became VP of Investor Relations in November 2022.

Boxabl is an early-stage firm in the prefab housing sector. It has sought to raise growth capital several times on investment crowdfunding platforms and is currently in the midst of a TTW or testing-the-waters campaign.

According to the SEC, Tassev indirectly obtained approximately $1,595,000 from seven investor households through the apparent offer and sale of Boxabl securities. The SEC claims that even thought Tassev did not have the authority own or sell shares to investors, he fraudulently offered them to individuals.

The SEC complaint alleges that Tassev received the funds in a bank account under the name of Sigmas Power and then “misappropriated them. The complaint also alleges tthat Tassev’s employment with Boxabl ended before he was able to exercise options to vest in the company and he is not believed to have been a shareholder in the company.

The SEC alleges that Tassev spent the funds on items including “gambling, family-law lawyers, and payments to investors in Sigmas Power.

The SEC believes that  Tassev is currently residing in Bulgaria.

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