Editor’s Note: Caveat Venditor
From: Courthouse News Service
(CN) – Officers at a company with technology that supposedly protects users’ bank accounts must face claims that they defrauded investors, a federal judge ruled.
On its website, e-Smart Technologies portrays itself as being on the front line of defense against financial fraud, identity theft and other forms of cybercrime. Specifically, the company produces “smart cards,” wallet-sized cards with a built-in identity-verification system based on biometric data such as the user’s fingerprint.
It faces a 2011 complaint from the Securities and Exchange Commission, however, accusing the company, its officers and two affiliates of defrauding investors, neglecting to file several required reports – including a registration statement for a massive sale of stock – and failing to keep their accounts in order.
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