MAR 23, 2023
(COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announced that the Securities Division of the Attorney General’s Office issued a Cease and Desist Order against internet personality Michael T. Glaspie, who often used the alias “Mike G.,” as well as several companies Glaspie owned, for selling unregistered securities to South Carolina residents. Using online blog posts and live podcasts to hype up high investment returns without providing any actual details that a reasonable investor would and should rely upon, Glaspie was prolific in touting nondescript “deals.”
The Securities Division determined that Glaspie and his companies offered and sold investment contracts to investors in South Carolina and around the United States in an anonymous cryptocurrency and artificial intelligence company. However, Glaspie omitted material facts about the alleged business deal that a reasonable investor might consider when making an investment decision.
The U.S. Securities and Exchange Commission, the Michigan Department of Licensing and Regulatory Affairs Corporations, Securities & Commercial Licensing Bureau, and the Alabama Securities Commission have also investigated Glaspie and his companies, reached similar determinations as South Carolina, and issued respective cease and desist orders. The U.S. Department of Justice also brought criminal charges against Glaspie, and on February 23, 2023, Glaspie entered a guilty plea for “orchestrating an investment fraud scheme that defrauded more than 10,000 victims of over $55 million.” Glaspie will be sentenced at a later date. The U.S. Department of Justice encourages all potential victims of this fraud to visit the web page https://www.justice.gov/criminal-vns/united-states-v-chandran to obtain more information on their rights as victims, including the opportunity to submit a victim impact statement.
The Securities Division ordered Glaspie and his companies to pay a penalty in the amount of $120,000.00, plus the cost of the investigation.
Glaspie has 30 days within which he can request a hearing before the Cease and Desist Order becomes final by operation of law.
The Securities Division can be reached by calling 803-734-9916 or by email to firstname.lastname@example.org. The Cease and Desist Order filed for this matter as well as other orders filed by the Securities Division can be found at https://www.scag.gov/inside-the-office/legal-services-division/securities/enforcement/notices-and-orders/. Investors can submit a complaint or learn more about the Securities Division by visiting the Attorney General’s Office website at scag.gov.
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