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Short Take: Hot Stocks settles SEC complaint

George Chelekis, owner and operator of KGC and Hot Stocks Review, settled with the Securities and Exchange Commission, which had charged him and his companies with distributing online and in print "materially false and misleading statements concerning six publicly-traded companies." The SEC charged that Chelekis did not disclose in his Hot Stock publications that he and his companies had been paid over $1 million from more than 100 stock issuers, as well as 275,500 shares of stock from 10 stock issuers, in exchange for favorable recommendations. Under the settlement, Chelekis and his companies must pay $162,727 in penalties, interest and disgorgement.

George Chelekis, owner and operator of KGC and Hot Stocks Review, settled with the Securities and Exchange Commission, which had charged him and his companies with distributing online and in print "materially false and misleading statements concerning six publicly-traded companies." The SEC charged that Chelekis did not disclose in his Hot Stock publications that he and his companies had been paid over $1 million from more than 100 stock issuers, as well as 275,500 shares of stock from 10 stock issuers, in exchange for favorable recommendations. Under the settlement, Chelekis and his companies must pay $162,727 in penalties, interest and disgorgement.