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Litigation Release No. 25013 / January 21, 2021
Securities and Exchange Commission v. William Andrew Stack, Esq., No. 1:21-cv-00051 (W.D. Tex. filed January 15, 2021)
On January 15, 2021, the Securities and Exchange Commission charged the CEO of a Texas-based microcap issuer with fraud for making material misstatements in numerous press releases and for misappropriating investor funds raised in an unlawful securities offering.
According to the SEC s complaint, during the relevant period, Preston Corp. (a/k/a Preston Royalty Corp.), a now-defunct microcap issuer, purported to be a financial services provider specializing in royalty financing for mining operations, but in reality had no actual operations. The complaint alleges that the defendant, William Andrew Stack, Esq., a licensed lawyer who had no experience in the mining industry, served as Preston Corp. s nominal CEO at the behest of the company s undisclosed control person, William S. Marshall, who had previously been char