Annetta Budhu

Litigation Release No. 25631 / February 3, 2023

Securities and Exchange Commission v. Giguiere et al., No. 1:18-cv-1530 (S.D. Ca. filed July 6, 2018).

On January 31, 2023, the U.S. District Court for the Southern District of New York entered a final judgment against Annetta Budhu obtaining injunctive relief, a penny stock bar, disgorgement, and a civil penalty.

According to the SEC’s complaint, Budhu was involved in a fraudulent scheme to inflate the price and volume of the stock of Arias Intel Corp. (“ASNT”) in which she profited $5,000. The SEC alleged that as part of the scheme, Budhu sold shares and lied to a transfer agent about the sale.

The SEC’s complaint charged Budhu with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Without admitting or denying the SEC’s allegations, Budhu consented to a final judgment in which she agreed to be permanently enjoined from violations of the charged provisions and agreed to a penny stock bar. She additionally agreed to pay disgorgement of $5,000, prejudgment interest thereon, and a civil penalty of $5,000. On January 31, 2023, the Court entered the final judgment.

The SEC’s litigation is being handled by Christopher Dunnigan, Christine Ely, and Lindsay Moilanen of the New York Regional Office and is being supervised by Sheldon L. Pollock. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of California and the Federal Bureau of Investigation.

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