SEC: Strategy X inflated stock
The U.S. Securities and Exchange Commission on Friday charged a security consulting firm formerly based in Maine with fraud and stock manipulation.
The company, Alliance Transcription Services of Nevada, was formerly known as Strategy X and was based in Harrison from 2004 to 2007. The SEC has charged the company's president and CEO, Charles A. Lewis, with inflating the company's stock by announcing it had obtained government contracts it never competed for and by inflating revenue figures for the contracts it did secure, according to the Sun Journal in Lewiston.
The SEC alleges Lewis and others schemed to inflate the company's stock, and is seeking an injunction against Lewis and penalties. The SEC believes Lewis made money from the sale of the stock. Mainebiz wrote a profile of Strategy X in December 2005 called Public defender.
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