SEC Penalizes Firm in Stock Sales
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Securities regulators obtained an order barring a California man and a telemarketing operation he ran from offering securities in a purported auto-service and maintenance company.
Joseph Sanfellipo and California AutoCare Corp. allegedly told investors through telemarketing pitches that they would make 400% when the company went public in 30 to 60 days, the Securities and Exchange Commission said.
Sanfellipo, 53, of Laguna Beach, along with AutoCare and co-defendants James Gasper, 64, Kimball Vance, Jr., 49, and Elihu Sigal, 55, agreed to an order barring them from selling unregistered stock, and to pay back an as yet undetermined amount of gains plus penalties. They could not be reached for comment.
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