Court Issued Order Against Former Ohio E-Waste Recycling Firm CEO

SEATTLE (Scrap Monster): A judge in U.S. District Court for the District of Columbia has issued An order against Niel Martin Nielson, 68, who ran E-Waste Systems (EWSI)- an electronics recycling company based in Ohio. The court entered a final judgement against him, after the defendant failed to respond to the lawsuit filed by the U.S. Securities and Exchange Commission (SEC).

The SEC had filed a civil suit in 2018, alleging violations of federal law by Neilson and his colleagues, including fraud, falsified records, deceit of auditors and fake certifications. He tried to create a false impression that EWSI was expanding quickly around the world and was earning millions of dollars, with the only aim to boost the value of the company’s stock, which he sold at a higher price. Later on, investigations revealed that the company had virtually no operations at any point in time.

As per the court order, SEC has been awarded $170,630 plus interest on that amount on disgorgement. Further it imposes an equivalent amount as civil penalties. The court acknowledged that it is unaware of how much money Neilson owns currently, as he has not participated in the case. In addition, the order also bans Neilson from leading a public company for a period of ten years.

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