Gurbir S. Grewal, SEC Division of Enforcement Director
After a six-day trial, a jury in the United States District Court for the District of Maryland found Robert Hillis Miller liable for securities fraud, unregistered offerings, and beneficial ownership reporting violations based on his conduct as the CEO of Abakan, Inc.
Statement of SEC Division of Enforcement Director Gurbir S. Grewal:
“We are pleased with the jury verdict holding Robert Miller liable for securities fraud, unregistered offerings, and beneficial ownership reporting and insider transactions reporting violations. In disclosures filed with the SEC, Miller, the CEO of penny stock issuer Abakan, Inc., fraudulently failed to disclose his beneficial ownership of millions of Abakan shares which he sold into the public market to fund the company. Miller sought to disguise his conduct through complex offshore structures. This deprived investors of critical and required information necessary to evaluate whether to invest in Abakan. Despite his efforts to hide his fraud, Miller will now be held accountable thanks to the hard work of the SEC team. As this trial demonstrates yet again, the SEC is committed to holding officers and directors of public companies accountable for their violations of federal securities laws and regulations.”
The SEC filed its complaint on September 24, 2019.