Federal prosecutors say a Ventura County man is one of two people indicted in a multi-million dollar investment fraud scheme.
Kelly Kabilafkas of Moorpark was charged with conspiracy, and securities fraud. Prosecutors say he bought stock from a shell company for a wireless company. They say the 48-year-old man then teamed up with Jack Edward Daniels of Agoura Hills.
The company was rebranded, and money from other investors was used for a major marketing campaign to pump up the stock prices.
They say Kabilafkas then sold the stock, making millions. The two men are facing conspiracy, and securities fraud charges. They haven’t entered pleas to the charges yet.
