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SEC moves to stop trading in Caribbean Pacific shares

By Palm Beach

WASHINGTON — The Securities and Exchange Commission is moving to stop the trading in the shares of a Boca Raton company whose undisclosed owner and CEO is under indictment for securities fraud.

A federal grand jury last week charged William J. Reilly, a Boca Raton resident and disbarred New York lawyer, with securities fraud in connection with a startup skin care company called Caribbean Pacific Marketing Inc. that planned to go public through a new law making it easier for small companies to issue shares.

Reilly, who three years ago had been banned from practicing securities law, controls Caribbean Pacific and effectively is its CEO, according to federal prosecutors. Caribbean Pacific’s disclosure documents omit Reilly’s involvement with the company.

Reilly is also charged with selling Caribbean Pacific shares to an FBI confidential source.
"The division of enforcement is seeking a stop order to protect investors by preventing any potential sales of stock under a materially misleading and deficient offering document," said Eric I. Bustillo, Director of the SEC's Miami regional office.

If a stop order is issued, no new shares can enter the market until the company has corrected its disclosure documents.

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