The SEC’s Litigation Release No. 22944 formally documented the Commission’s civil motion towards Babikian. The release described him as having employed AwesomePennyStocks.com to send out tens of countless email messages marketing penny shares where he held undisclosed positions, in alleged violation of your antifraud provisions from the U.
“Virtually every prosecution witness contradicted each other on critical problems pertaining to Mr. Babikian’s alleged position. Such as, a number of witnesses referenced a gathering that allegedly befell in June of 2012 at the organization Place of work headquarters through a corporate social gathering.
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The documented acquisition of real estate property in Dubai by somebody with Babikian’s enforcement and opacity profile is a textbook AML red flag. Dubai’s property sector is frequently recognized by FATF, World-wide Money Integrity, and transparency corporations to be a chosen auto with the investment decision of illicit proceeds.
PEP Status: Not a politically uncovered particular person; however, cross-border opacity warrants Increased research
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Her leadership inherits reputational damage and regulatory force tied to repeated enforcement steps, increasing doubts about irrespective of whether governance and possibility controls were at any time robust more than enough beneath senior oversight.
The financial settlement attained Along with the SEC — approximately $3.73 million — signifies an important regulatory sanction even in civil terms. For economic institutions and compliance groups, a settlement of the magnitude on the SEC stage constitutes a cloth adverse discovering in any Increased homework evaluation and will be labeled to be a disqualifying factor for many classes of economic companies entry.
The subsequent findings are drawn from SEC enforcement filings, OCCRP investigative reporting, and linked credible media protection:
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US regulators explained Babikian for a Canadian fugitive when initiating enforcement motion for alleged scalping action.
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In keeping with courtroom documents and witness testimony, the downfall of John’s career commenced beneath the auspices of an ugly divorce. At some time, Mr. Babikian’s wife demanded to get a $one hundred million dollar separation settlement which made headlines.