Additional Information for Irelle Financial Corporation

Department of Justice v Allen Giltman

The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.

On January 5, 2022, Allen Giltman entered into a Plea Agreement with the New Jersey Department of Justice. The Agreement settles allegations that Giltman engaged in an internet based financial fraud scheme, which generally involved the creation of fraudulent websites to solicit funds from investors. 150 fraudulent websites were identified as part of the scheme. Giltman was charged with one count of conspiracy to commit wire fraud and one count of conspiracy to commit securities fraud. The wire fraud conspiracy charge carries a maximum penalty of 20 years and a $250,000 fine, or twice the gross amount of gain or loss from the offense, whichever is greatest. The securities fraud charge carries a maximum penalty of five years in prison and a $250,000 fine, or twice the gross amount of gain or loss from the offense, whichever is greatest.  Sentencing is scheduled for May 10, 2022.

This action is final.

Securities and Exchange Commission v Allen Giltman

The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.

On April 8, 2022, Allen Giltman entered into a Judgment with the US Securities and Exchange Commission. The judgment settles allegations that Mr. Giltman participated in a long-running fraudulent scheme to lure investors into buying fictitious certificates of deposit. Under terms of the judgment, Giltman is restrained and enjoined from employing any schemes or artifice to defraud, make untrue statements, and engage in any act or practice that may operate as a fraud or deceit upon any person. He is also restrained and enjoined from violations in connection with the offer or sale of any security by the use of any communication in interstate commerce or by use of the mails. Mr. Giltman is ordered to pay disgorgement of ill-gotten gains, prejudgment interest thereon, and a civil penalty.

This action is final.