SEC-LR-26171

Frank Igwealor et al.
(SEC) Litigation Release No. 26171 / November 19, 2024
SEC v. Frank Igwealor, Patience Ogbozor, Alpharidge Capital LLC, American Community Capital LP, GiveMePower, Inc., Kid Castle Educational Corporation, Los Angeles Community Capital, and Video River Networks, Inc., No. 2:24-cv-09941 (C.D Cal. filed Nov. 18, 2024)
SEC Charges CEO with Misappropriation of $2.2 Million and $6 Million of Illegal Stock Sales

• Excerpt: The Securities and Exchange Commission announced today it filed charges against Frank Igwealor of Playa del Rey, California, the CEO of several microcap issuers, for engaging in a scheme to misappropriate $2.2 million from a microcap company he controlled to purchase a home, and illegally selling millions of shares of three other microcap issuers he controlled for a profit of approximately $6 million.

The SEC’s complaint, filed in the U.S. District Court for the Central District of California, alleges in November 2021, Igwealor and his spouse, Patience Ogbozor, illegally extended themselves a personal multi-million dollar mortgage from a subsidiary of GiveMePower, Inc. while Igwealor was the CEO of the company and Ogbozor was a director. According to the Complaint, Igwealor subsequently orchestrated sham transactions involving GiveMePower, two additional microcap issuers and a private entity that he controlled in order to obfuscate the original misappropriation, transfer the mortgage and ultimately avoid repayment.  In addition, from July 2021 to February 2022, Igwealor allegedly sold approximately 663 million shares of three different microcap issuers he controlled, in excess of limitations under the securities law, applicable to him as a control person of these companies.

• SEC-PR-2411
• Illegal Stock Sales
• Misappropriation
• SEC Complaint (PDF 25-pages)