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June 2021 Update Of The SEC s Covered Actions For Potential Whistleblower Claims - Corporate/Commercial Law
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SEC Covered Actions for Whistleblower Claims Update
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Litigation Release No. 24992 / December 21, 2020
Securities and Exchange Commission v. CapSource, Inc. et al., No. 2:20-cv-02303 (D. Nev. filed December 21, 2020)
Securities and Exchange Commission v. Michael B. Zipprich et al., No. 2:20-cv-02308 (D. Nev. filed December 21, 2020)
The Securities and Exchange Commission today charged Las Vegas-based hard money lender CapSource, Inc., its principals, Stephen J. Byrne and Gregory P. Herlean, Arizona-based real estate developer Michael B. Zipprich, and several entities Zipprich controlled for fraud and registration violations in connection with multiple, related securities offerings.
According to the SEC s complaints, from approximately January 2015 through May 2019, CapSource, Byrne, and Herlean, acting as unregistered brokers, offered and sold over $151 million of securities in unregistered offerings to finance various real estate projects, including $28 million for entities related to Zipprich s drug rehabilitation business, Ameri