Ex-Doyen Elements CEO Settles Stock Fraud Allegations With SEC

Former Doyen Elements CEO Geoff Thompson has settled fraud charges brought by the Securities and Exchange Commission. 

Back in 2017, Doyen Elements had plans to go public on the OTC market, but started raising money online beforehand, implying small investors would be awarded after the company’s initial public offering, according to the SEC. 

Thompson was subsequently sued by the SEC, which alleged that the former CEO — acting via a company called Accelera Innovations Inc. and Synergistic Holdings LLC — sold around $1.7 million worth of Accelera stock in a sale that was not registered or reported as an exemption from registration.

The allegations ended up becoming a scandal in the cannabis industry. Thompson resigned as CEO of the company last year.

Thompson has now agreed to settle with the SEC for a payment of more than $500,000. 

Thompson is expected to pay $350,000, the amount of a gain related to the actions alleged in the lawsuit, combined with prejudgment interest of $74,849.97. Thompson also agreed to pay a civil penalty of $100,000, which altogether amounts to $524,849.97. 

Thompson is forbidden to serve as an officer or a public company, or to take part in any offering of penny stock in the next five years, including deals with brokers, issuers, dealers and traders, according to the settlement agreement.