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SEC Claims $45 Million Fraud Tied to Airborne Wireless Stock

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The U.S. Securities and Exchange Commission sued Airborne Wireless Network and the California man it claims secretly controlled the company in a $45 million pump-and-dump scheme.

The SEC claims that Kalistratos “Kelly” Kabilafkas, 45, bought millions of shares of the company’s stock and inflated the stock price through a multi-million-dollar promotional campaign. Then Kabilafkas and a group of associates illegally reaped $23 million by dumping the vastly overpriced shares on the market, according to the regulator.