(HedgeCo.Net ) United States District Judge Cormac J. Carney of the Central District of California has entered final judgments against microcap issuer Premier Holding Corp. and its CEO, Randall Letcavage, in connection with a fraudulent scheme to mislead Premier’s investors about the company’s financial health. The final judgments impose, among other relief, monetary relief totaling more than $10.5 million, as well as an officer and director bar against Letcavage.

The SEC’s complaint, filed on December 4, 2017, alleged that Premier, a California-based company that describes itself as a green energy services provider, and Letcavage, Premier’s CEO, orchestrated a series of transactions with related parties intended to create the false appearance of an active company with a vibrant and promising business. On November 30, 2020, the court granted summary judgment to the Commission, finding that Premier and Letcavage materially misled investors about the value of Premier’s assets, including a purportedly significant promissory note that was actually worthless. The court further found that Premier and Letcavage misled investors by failing to disclose over $92,000 of perks provided to Letcavage.

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