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SEC charges former Honor Finance principals with securitizations fraud
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2 North America idealistic immigrants charged with close to $50 million fraud
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Simona Weinglass is an investigative reporter at The Times of Israel.
Police enter a building on May 11, 2021, in connection with an action day against alleged investment fradusters. (Rheinland Pflaz Police)
In a rare move, Israeli police last month arrested a suspect in an alleged €30 million ($36 million) investment scam, according to Europol.
In a cross-border “action day” that took place on May 11, five people were arrested in Bulgaria and one in Israel, in connection with what Europol described as “a fraud scheme organized mainly by Israeli nationals.”
Five other suspects were arrested in Spain at an earlier date.
The action was led by German police with the cooperation of law enforcement from Bulgaria, Israel, Latvia, North Macedonia, Poland, Spain and Sweden.
Kelly Kabilafkas allegedly promoted shares in Airborne Wireless Network, then dumped the stock.
The US Securities and Exchange Commission (SEC) has charged seven people in connection with an allegedly fraudulent scheme to gain control of a technology company, pump up its stock, and defraud investors.
According to the SEC’s complaint, Kalistratos “Kelly” Kabilafkas secretly purchased essentially all of the outstanding stock of Airborne Wireless Network, a Nevada corporation headquartered in Simi Valley, California, then distributed millions of shares to his associates and himself. The six associates have also been charged in the alleged scheme.
Airborne was originally incorporated in 2011 as Ample-Tee Inc., which sold ergonomic products, such as chairs and workstations, for the physically disabled. But in 2016, the company changed its name to Airborne Wireless Network, and later radically changed its line of business to purportedly develop, market, and license a “high-speed
Nicholas Kabylafkas (Release No LR-25048; Mar 11, 2021)
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