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