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SEC files investment fraud complaint against Tampa's Sky Way Global

The Securities and Exchange Commission filed a civil injunctive action against Tampa's Sky Way Global LLC, an Internet service provider and purported "anti-terrorism" company, and principals Brent C. Kovar, Glenn A. Kovar and James S. Kent for allegedly defrauding investors through an unregistered, fraudulent offering of Global stock and orchestrating a "pump-and-dump" scheme of SkyWay Communications Holding Corp.

Also charged were Kenneth Bruce Baker and Kenneth R. Kramer, alleged unregistered broker-dealers, who found investors for SkyWay and sold SkyWay stock.

The SEC complaint alleges that from at least 2002 through 2005, Global, Brent Kovar (Global's president), Kent (Global's CEO) and Glenn Kovar (Global's manager) raised about $1.38 million from 18 investors by offering and selling unregistered shares of Global's stock.

As part of that sale of securities, Global, Brent Kovar, Kent and Glenn Kovar made numerous material misrepresentations and omissions to investors through marketing and offering materials, the SEC said. Among those claims: that Global possessed a nationwide network of broadcasting towers and anti-terrorism technology that would allow the government to monitor and, if necessary, take control of an airplane.

"These claims were patently false because Global had no towers and no technology to monitor and take control of airplanes," the SEC stated. No one at Sky Way Global responded to calls for comment.

SEC files investment fraud complaint against Tampa's Sky Way Global 03/19/09 [Last modified: Thursday, March 19, 2009 11:20pm]
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