Ex-Mobile Ad Firm CEO Fights Off SEC Fraud Allegations, for Now – Bloomberg Law

By Jennifer Bennett
A former SITO Mobile Ltd. executive is free for now of an SEC suit accusing him of securities fraud, but a federal judge in New Jersey said the agency may fix up its complaint and try again.
Gerard F. Hug allegedly used the location-based mobile data advertising services company’s corporate card to cover more than $100,000 worth of personal expenses like designer clothes and sports tickets, then improperly coded the transactions as business expenses in SITO’s accounting system.
But the Securities and Exchange Commission’s allegations, although “not entirely implausible,” aren’t “sufficiently particular to place Hug on notice of the precise …
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