On June 20, 2017, the Commission filed a complaint, later amended on October 19, 2017 (the "Amended Complaint") against Arista Power, Inc. ("Arista"), Peter Kolokouris ("Kolokouris"), William A. Schmitz ("Schmitz"), Michael T. Hughes ("Huges") and Janice Papapanu, Michael Papapanu, Ekaterini Kolokouris, Demitrios Kolokouris, Anastasios Kolokouris, Ioannis "John" Kolokouris, Sophia Kolokouris, Terry Bechakas, 100 Demetrios, Inc., 200 Anastasios, Inc., 300 Ioannis, Inc., 400 Terry, Inc., 500 Sofia, Inc., Just Sell Gold, Inc., and Express Gold Cash, Inc (hereinafter collectively the "Kolokouris Family Traders"). In the Amended Complaint, the Commission alleged two separate schemes concerning Arista: (1) material misrepresentation and omission in certain Arista public Commission filings from September 2012 to November 2014 concerning a purported $1.25 million "line of credit" or "loan agreement" between Arista and an entity called TMK-ENT, Inc.; and (2) a scheme to manipulate the public market price of Arista stock from approximately August 23, 2012 through January 25, 2013. See the Commission's Amended Complaint.  See Amended Complaint.

Hughes and Kolokouris were ordered and have paid a total of $1,037,326 in disgorgement, prejudgment interest, and penalties to the Commission. The Commission was ordered to hold all funds, together with interest and income earned thereon (collectively, the "Fund"), pending further order of the Court.  See Hughes' Final Judgment and Kolokouris' Final Judgment. 

Schmitz was ordered to pay a civil penalty of $80,000 to the Commission for transfer to the U.S. Treasury.  See Schmitz's Final Judgment. 

All other Defendants have either been dismissed or settled without monetary sanctions.

On August 25, 2021 the Court issued an Order establishing a Fair Fund (the "Fair Fund") for the $1,117,324.07 paid by Hughes, Kolokouris, and Schmitz; appointing Miller Kaplan Arase LLP as Tax Administrator; and appointing Analytics, LLC as Distribution Agent for the Fair Fund. See Court Order. 

For more information, please contact the Commission:

Office of Distributions
Email: ENFOfficeofDistributions@sec.gov