The U.S. Securities and Exchange Commission sued David Stephens, Donald Linn Danks, Jonathan Destler and Robert Lazerus Friday in California Southern District Court over alleged violations of federal securities laws. The agency accuses the defendants of engaging in a scheme to sell publicly traded stock in Loop Industries Inc., while concealing their ownership of the stock and connections with the plastics recycling company. Counsel have not yet appeared for the defendants. The case is 3:22-cv-01483, Securities and Exchange Commission v. Stephens et al.
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