The Securities and Exchange Commission said it charged NS8 Inc.’s former chief executive with defrauding investors, alleging he falsely claimed millions in revenue and raised about $123 million in fraudulent offerings.
The regulator in its complaint alleged that from at least 2018 through June 2020 Adam Rogas, the Las Vegas-based technology company’s former CEO, changed company bank statements to show customers paid millions of dollars and that those bank statements were used by the finance department for putting together the company’s financial statements.
The SEC claimed that the company raised about $123 million last year and this year due to the former CEO’s fraud. The regulator also alleged that Mr. Rogas took home at least $17.5 million in investor funds.
Mr. Rogas was arrested