According to the report, the Securities and Exchange Commission (SEC) has initiated investigation against potential pump-and-dump scheme “in the stock of Cherubim Interests, Inc., among other penny-stock companies.”
The report states:
“The SEC is investigating whether certain individuals or entities engaged in a potential "pump-and-dump" scheme in the stock of Cherubim Interests, Inc., among other penny-stock companies.”
The reason why the SEC has initiated investigation is “false public statements” that were issued by Cherubim in January 2018.
As a result, Cherubim had “executed a $100,000,000 financing commitment” to start an ICO for St. James Trust.
“After Cherubim's stock price and trading volume increased on this news, certain individuals associated with the company may have 'dumped' their overvalued Cherubim stock for significant profits," the report says.
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