The U.S. Securities and Exchange Commission sued 9224-3708 Quebec Inc., Avatele Group LLC and other defendants Monday in Georgia Northern District Court over alleged violations of federal securities laws. The lawsuit accuses the defendants of engaging in a $1.3 million fraudulent hacking scheme in which they artificially inflated stock prices of at least two microcap companies by hacking third-party investor accounts. Counsel have not yet appeared for the defendants. The case is 1:22-cv-03252, Securities and Exchange Commission v. Mohamed et al.
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