Former CEO of Technology Company Charged With Raising $123 Million in Fraudulent Offerings
The Business Trial Group’s securities attorneys are investigating an alleged fraudulent scheme that enabled a company called NS8, Inc. to raise about $123 million from investors.
The Securities and Exchange Commission recently filed an emergency action against Adam Rogas, former CEO of NS8. According to the SEC, NS8 is a Las Vegas company that provides e-commerce merchants with fraud detection and prevention software. The SEC alleges that Rogas, in connection with at least two securities offerings, falsely claimed NS8 had collected millions of dollars in revenues.
Specifically, the SEC alleges that from 2018 to mid 2020, Rogas changed NS8’s bank statements to falsely show millions of dollars in customer payments. According to the SEC’s complaint, Rogas sent the fraudulent bank statements to NS8’s finance department, which used them to prepare NS8’s financial statements. The SEC alleges that NS8 and Rogas gave the false financial statements to investors and prospective investors, enabling NS8 to raise over $120 million. Rogas allegedly kept over $17 million of investor moneys for himself.
Kurt L. Gottschall, Director of the SEC’s Denver Regional Office, stated: “As alleged in our complaint, Rogas falsely presented NS8 as a successful business by fabricating revenue figures and providing them to investors. Investors are entitled to accurate information about a company’s financial condition and the SEC is committed to holding accountable corporate executives who deceive investors.”
The SEC filed its complaint in the U.S. District Court for the Southern District of New York, charging Rogas with violating federal securities laws’ anti-fraud provisions.
If you have suffered losses relating to an investment in NS8, we are here to help. Contact us at 888-343-8073 to speak with an experienced securities attorney at Morgan & Morgan’s Business Trial Group.
The Business Trial Group at Morgan & Morgan helps investors recover their losses on a contingency basis. We are only paid if we successfully recover money for you. We have helped investors recover tens of millions of dollars of investment losses.
The Business Trial Group is part of the largest contingency law firm in the nation, with over 550 lawyers and 50 offices.