Paul A. Pereira, the Former CEO and Co-Founder of Alfi, Inc, has been Charged by the SEC with Fraud for Allegedly Making False Statements on Social Media

Alfi's stock price was at its lowest in nearly two months, Pereira allegedly made false and misleading statements on social media and in a press release about the company’s advertising inventory

Dr. Paul Antonio Pereira, Founder & Former CEO to Alfi.

The Securities and Exchange Commission has charged Paul A. Pereira, the former CEO and co-founder of Alfi, Inc., with allegedly making false and misleading statements on social media regarding the company’s financial and performance metrics in an effort to inflate the stock price of the now defunct company.

According to the SEC's complaint, Pereira, while serving as CEO of Alfi, a Florida-based advertising technology company, used the pseudonym “Uptix12” to post on social media shortly after Alfi’s May 2021 initial public offering. Pereira allegedly stated that he “wouldn’t doubt” Alfi “has $10 mm to $20 mm in revenues already in their back pocket,” when the company was actually set to report only $17,450 in revenue.

"As alleged in our complaint, Pereira tried to boost the company’s stock price through his false and misleading statements,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office. "This case further demonstrates the SEC’s commitment to holding officers of public companies accountable when they violate their legal obligation of candor and fair and full disclosure to investors.”

Pereira also allegedly claimed in a YouTube interview that Alfi was entering into a contract with the founder of a successful restaurant chain to deploy Alfi technology in the founder’s restaurants, which was not true.

Furthermore, on August 17, 2021, when Alfi's stock price was at its lowest in nearly two months, Pereira allegedly made false and misleading statements on social media and in a press release about the company’s advertising inventory. He claimed that “available advertising inventory by the end of 2021 is expected to be in excess of $100 million,” while the company actually had less than $5 million in advertising inventory at the time. Pereira did not have a reasonable basis to believe that Alfi would achieve $100 million in advertising inventory by the end of 2021. Alfi filed for bankruptcy in October 2022.

The SEC has filed a complaint in the U.S. District Court for the Southern District of Florida, accusing Pereira of violating the antifraud provisions of federal securities laws. The SEC is seeking a permanent injunction, an officer-and-director bar, and a civil penalty against Pereira.

The investigation was conducted by Alex Charap with assistance from Kathleen Strandell, and it was supervised by Jessica M. Weissman, Fernando Torres, and Glenn S. Gordon, all of the Miami Regional Office. The litigation is being led by Russell O’Brien and Mr. Charap, and supervised by Teresa Verges.

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