October 19, 2023
The SEC charged Stock Squirrel, Inc. and John Feloni, its president and CEO, with defrauding investors of approximately $1.6 million in an unregistered securities offering. Feloni and Stock Squirrel allegedly conned 180 retail investors into giving them $2.5 million with the promise of developing a smartphone application. Instead, 66% of the money was used for Feloni’s personal expenses and for Ponzi-like payments.
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