| On Rogas Charged With NS8 Security
Fraud Pled Guilty Now Permanent Bar in SEC
Case
By Matthew
Russell Lee, Patreon
SDNY COURTHOUSE,
Dec 13 – Adam Rogas was
arraigned on October 15, 2020
on charges of securities fraud
in connection with the
cyber-fraud prevention firm he
headed, NS8.
U.S.
District Court for the
Southern District of New York
Judge John P. Cronan held the
arraignment. Inner City Press
covered the proceeding, the
first it had by Judge Cronan,
a former acting United States
Assistant Attorney General for
the United States Department
of Justice Criminal
Division.
That issue
quickly arose. Judge Cronan
told the parties that he had
not worked on Rogas' case
while at DOJ in Washington,
but gave them two weeks to
make any motion they see fit.
He inquired
into the status of discovery,
and if there might be a
superseding indictment.
On June 30, 2021,
after Inner City Press has
covered more than 60 others
cases before Judge Cronan, he
held another conference on
Rogas - after a motion for a
bill of particulars, and
arguments about nexus /
location. Now Judge Cronan
excluded Speedy Trial Act time
until the next conference on
August 12.
Inner City Press
also covered the August 12,
2021 conference. The case,
Judge Cronan's first on the
SDNY bench, was set down for
trial on May 2, 2022, with the
final pre-trial conference set
for April 25.
On March 16,
2022, this: "ADAM ROGAS, the
co-founder and former CEO,
CFO, and member of the board
of directors of Las
Vegas-based cyberfraud
prevention company NS8, Inc.
(“NS8”), pled guilty today in
Manhattan federal court to
securities fraud. ROGAS
used fraudulent financial data
to obtain over $123 million in
financing for NS8, of which he
personally obtained
approximately $17.5 million.
ROGAS pled guilty today before
U.S. District Judge John P.
Cronan, and is scheduled to be
sentenced by Judge Cronan on
August 10, 2022."
The sentencing
actually took place on
November 3, 2022and resulted
in a five year sentence.
Jump cut to
December 13, 2024 when Judge
Richard M. Berman in the civil
case ruled that "following its
analysis of the Patel factors,
that a permanent bar is needed
in order to protect the
public, deter further
misconduct, and lend
confidence to the public and
the financial markets. See SEC
v. Shkreli, 2022 WL 541792, at
*11."
The criminal case
is US v. Rogas, 20-cr-539
(Cronan)
The civil case is
SEC v. Rogas, 1:20-cv-7628
(Berman)
***
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