On June 16, 2022, the United States District Court for the Eastern District of New York entered a final consent judgment against Joshua Tyrell, a former stock promoter located in Hendersonville, Tennessee.

The SEC's complaint, filed on February 23, 2021, alleged that Tyrell entered into a sham agreement with Medifirst Solutions, Inc. to provide consulting services to the company in return for millions of shares of the issuer's stock. According to the complaint, Tyrell knew he never provided any business consulting services to Medifirst Solutions, but instead, Medifirst Solutions issued stock to Tyrell as compensation for promoting its stock to potential investors through a stock promotion entity affiliated with Tyrell. Tyrell allegedly falsely represented to his brokerage firm that he received Medifirst Solutions stock as compensation for business development services and that he was not involved in promoting the company's stock, and thereafter, Tyrell sold over 19 million shares in the public market, reaping proceeds of approximately $125,000.

The final judgment entered against Tyrell enjoins him from violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and Section 17(a) of the Securities Act of 1933 and the registration requirements of Section 5 of the Securities Act. It also imposes a penny stock bar, disgorgement of $125,000, pre-judgment interest of $26,883.95, and a civil penalty of $100,000.

The SEC appreciates the assistance of the U.S. Attorney's Office for the Eastern District of New York.

The Commission's case remains pending against defendants Bruce Schoengood and Medifirst Solutions.