Jamie Wilson and Justin Wall
SEC Obtains Final Judgments Against Last Two Defendants in Fraudulent Microcap Scheme
Litigation Release No. 26235 / February 3, 2025
Securities and Exchange Commission v. Luis Jimenez Carrillo, et al., Civil Action No. 1:21-cv-11272 (D. Mass. filed Aug. 4, 2021)
On January 23, 2025, the U.S. District Court for the District of Massachusetts entered a final judgment against United Kingdom resident Jamie S. Wilson for participating in a fraudulent scheme involving unlawful microcap stock sales. The judgment ordered Wilson to pay a civil penalty of $50,000 in addition to relief that had previously been ordered by the Court. Also, on December 5, 2024, the Court entered a final judgment against United Kingdom resident Justin Roger Wall for participating in the same scheme. The judgment ordered Wall to pay a civil penalty of $50,000 in addition to relief that had previously been ordered by the Court.
The SEC’s complaint alleges that, from at least 2013 through May 2019, Mexican resident Luis Jimenez Carrillo concealed the fact that he and others controlled the securities of numerous microcap companies whose stock was publicly traded in the U.S. securities markets. According to the complaint, Carrillo secretly sold millions of the companies’ shares in violation of the securities laws, often after organizing promotional campaigns to encourage investors to buy the stock. Wall and Wilson allegedly worked with Carrillo to gain control of at least one company’s securities and fraudulently sell them. The complaint alleges that, as a result of these actions, what appeared to be ordinary trading by unaffiliated investors was actually a massive selling of shares orchestrated by Carrillo, Wall, and Wilson, who were seeking to profit at the expense of defrauded investors.
The final judgment against Wilson permanently enjoins him from violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and the ownership reporting provisions of Section 13(d) of the Exchange Act, and permanently bars him from participating in offerings of penny stock. The judgment ordered Wilson to pay disgorgement of $28,107, prejudgment interest of $3,173.02, and a civil penalty of $50,000. The final judgment against Wall permanently enjoins him from violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and the ownership reporting provisions of Section 13(d) of the Exchange Act, and permanently bars him from participating in offerings of penny stock. The judgment ordered Wall to pay disgorgement of $7,870.81, prejudgment interest of $1,597.78, and a civil penalty of $50,000.