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SEC Investigates Possible Pump And Dump Scheme




Saint James Holding and Investment Company Trust and Cherubim Interests Inc. may not be as trustworthy as their names suggest.

The US Securities and Exchange Commission (SEC) has filed a subpoena enforcement action with a US district court in an effort to force Saint James Holding and Investment Company Trust and Jeffre James, the company's sole trustee, to produce documents related to an alleged pump and dump scheme.

According to an official October 9 statement, on Friday the SEC filed an application with the US District Court for the Central District of California requesting a court order to compel James to comply with a subpoena issued in June.

The application outlined an investigation into malicious actions committed by individuals associated with Cherubim Interests Inc, which the SEC accuses of falsely claiming to have made a $100 million financing commitment during the launch of an initial coin offering (ICO) for Saint James.

The regulatory body has reason to believe that these "false claims" are responsible for a rise in Cherubim's stock price and trading volume, which prompted "certain individuals" at Cherubim to dump their stock for "significant profits."

The SEC wants James to produce documents related to his dealings with Cherubim, including documents related to the statements made by Cherubim about Saint James and its ICO, as well as records of any agreements made with Cherubim.

However, according to the statement, several attempts to contact James have been made – subpoenas were even delivered to him personally – but neither James nor his company have responded or produced any documents.

In conclusion, the SEC stated, "The SEC is continuing its fact-finding investigation in this matter and, to date, has not concluded that anyone has violated the securities laws."

Nathan Graham

Nathan Graham lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

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