Maker of Religious Video Games Faces Stock Fraud Charges in U.S. [View all]
Remember those Left Behind holy-war video games made for the PC in the middle of the last decade? U.S. regulators just sued the company's founder, saying that he and a friend artificially inflated the firm's revenue figures through a stock kickback scheme. The founder says the government is discriminating against him.
In a wide-ranging statement that alleged the U.S. government "has systematically and intentionally conspired to dismantle Left Behind Games," Troy A. Lyndon says "if any violation occurred, it would never have been intentional—and certainly, never fraudulent." The Securities and Exchange Commission, for its part, alleges he sold millions of unregistered shares in Left Behind Games to a friend, who then sold the shares and kicked back a portion of the proceeds to prop up the company's balance sheet.
Whether intentional, fraudulent or not, Left Behind Games is essentially no more. Reuters notes this lawsuit comes about two weeks after the company announced that its accountant had resigned after expressing "substantial doubt" about Left Behind's ability to carry on. Further, in March 2012, Left Behind filed for Chapter 7 bankruptcy, according to the SEC.
http://kotaku.com/maker-of-religious-video-games-faces-stock-fraud-charge-1392761167
Gee... Yet another scammer wearing the guise of religion... Who would have ever guessed?
= new reply since forum marked as read