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
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March 2, 2021
On Tuesday, the Securities and Exchange Commission (SEC) filed a complaint in the Southern District of New York against Airborne Wireless Network (Airborne) and several individuals, including Kalistratos “Kelly” Kabilafkas, also known as Mark McKinney (Kabilafkas), Timoleon Kabilafkas, Chrysilios Chrysiliou, Panagiotis Bolovis, Eric Scheffey, Moshe Rabin (Rabin), and Jack Edward Daniels (Daniels) (collectively, the defendants), as well as the respective trustees of the Tim Kabilafkas Revocable Trust Dated and the Magdaline Kabilafkas Revocable Trust (collectively, the Relief Defendants) over their alleged $45 million fraudulent scheme.
According to the complaint, Kabilafkas, between August 2015 and at least May 2018, “orchestrated a scheme to defraud market participants, including retail investors…, using a publicly traded company, Airborne Wireless Network, which he secretly controlled.” Kabilafkas allegedly “launched the scheme by co