The Securities and Exchange Commission has frozen the assets of a South Florida-based company that defrauded more than 100 retail investors, many of them seniors, in a Penny Stock fraud scheme.
According to the SEC's complaint, the operators of the investment scheme, NIT Enterprises CEO Gary R. Smith, Jason M. Ganton, and James E. Cleary, Jr. raised $4.9 million from investors by making misrepresentations.
For comments and feedback contact: editorial@rttnews.com
Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.