Revolutions Medical CEO Ron Wheet has been found not guilty of allegations of filing false stock registration statements, according to Charleston, S.C.’s Post & Courier.
The case was based around allegations that Wheet and former investor relations head Bryon Key issues more than 1.2 million shares of company stock to at least 11 people using false SEC filings, according to the paper.
A jury for the US District Court for the District of South Carolina returned a not-guilty verdict in 3 felony charges Sheet was facing after a 5-day trial.
“I am so grateful to be a part of our wonderful Charleston community. It took a jury of Charleston residents to see right through the government’s accusations. They used their common sense and rendered a not guilty verdict on all counts,” Wheet said yesterday, according to the Post & Courier.
The ruling will also end a separate civil lawsuit from the SEC filed against Wheet and Revolutions which had previously ended in a deadlocked jury back in Nov. 2015.
The case was brought against the safety device and software maker in 2012 by the SEC over a number of allegedly “misleading press releases” issued by the company in 2010 and 2011, according to regulatory filings.
After hearing evidence for 2 weeks and a 4-day deliberation, the 8 person jury said that it was “hopelessly deadlocked and could not unanimously agree on a verdict,” Revolution Medical said.
Both Revolutions Medical and CEO Wheet were named in the suit, which the company said is based on “unfounded claims” driven by the false testimony of convicted libeler Philip “Marty” Hicks. Hicks, who was convicted in a $20 million libel suit in 2013 over “internet defamation,” was identified the same year as the informant in the SEC complaint.