JUL 2, 2024 | REPUBLISHED BY LIT: JUL 2, 2024
JUL 2, 2024
Above is the date LIT Last updated this article.
King has just filed for bankruptcy to prevent eviction from his rental home in Spring, Texas.
Southern District of Texas (Houston)
Bankruptcy Petition #: 24-33051
| Assigned to: Bankruptcy Judge Eduardo V Rodriguez Chapter 13 Voluntary Asset
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| Debtor Rahsaan Kevin King 21203 Bradford Grove Dr. Spring, TX 77379 HARRIS-TX SSN / ITIN: xxx-xx-6177 |
represented by | Aaron W. McCardell, Sr. The McCardell Law Firm, PLLC 440 Louisiana Suite 1575 Houston, TX 77002 713-236-8736 Fax : 713-236-8990 Email: amccardell@mccardelllaw.com |
| Trustee Tiffany D Castro Office of Chapter 13 Trustee 9821 Katy Freeway Ste 590 Houston, TX 77024 713-722-1200 |
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| U.S. Trustee US Trustee Office of the US Trustee 515 Rusk Ave Ste 3516 Houston, TX 77002 713-718-4650 |
| Filing Date | # | Docket Text | |
|---|---|---|---|
| 06/30/2024 | 1 (8 pgs) |
Chapter 13 Voluntary Petition Individual . Fee Amount $313 Filed by Rahsaan Kevin King. (McCardell, Aaron) (Entered: 06/30/2024) | |
| 06/30/2024 | 2 (1 pg) |
Certificate of Credit Counseling (Filed By Rahsaan Kevin King ). (McCardell, Aaron) (Entered: 06/30/2024) | |
| PACER Service Center | |||
|---|---|---|---|
| Transaction Receipt | |||
| 07/02/2024 14:17:31 |
2024 IFP Affidavit (Eviction Suit)
Income $10,000 pm (Vivid) – receiving Medicaid
Expenses $7,850 pm
2020 IFP Affidavit (Eviction Suit)
Income $3,500 pm (Vivid) – not receiving Medicaid or Public Assistance
Expenses $4,575 pm
Same job, same home, same number of dependents….
As he enters bankruptcy in Houston, how much of the $200,000 did Rahsaan King pay back to those investors he stole from @SECGov @FortWorth_SEC ?
The SEC’s complaint alleges that during 2017 and 2018, Students of Strength raised over $1 million from more than twenty investors. pic.twitter.com/M5h7mKVyYZ
— lawsinusa (@lawsinusa) July 2, 2024
SEC Charges Online Tutoring Company and Its CEO with Fraud
Litigation Release No. 25085 / April 29, 2021
Securities and Exchange Commission v. Rahsaan King and Students of Strength, Inc., No. 21-civ-10714 (D. Mass. filed April 29, 2021)
The Securities and Exchange Commission today charged Students of Strength, Inc., which operated in Massachusetts and Texas, and its CEO, Rahsaan King, with raising money by making false and misleading statements to investors.
King and his company have offered to settle the case by, among other things, agreeing to pay disgorgement and a penalty together totaling over $200,000.
The SEC’s complaint alleges that during 2017 and 2018, Students of Strength raised over $1 million from more than twenty investors through the sale of common stock and convertible notes.
As alleged, King described the company to potential investors as a thriving online tutoring business that connected college student tutors with student customers, and represented that the company needed outside investment to grow and meet the high demand for its services.
In fact, the complaint alleges, the company had very few customers and only nominal cash flow.
According to the complaint, King made misrepresentations to potential investors about the company’s historical revenue and current cash flow; the company’s assets and liabilities; the company’s operations; and the number of tutors hired and students tutored.
The complaint, filed in federal court in Massachusetts, charges King and Students of Strength with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
Without admitting or denying the allegations in the complaint, King and Students of Strength consented to be permanently enjoined from violations of these laws.
Students of Strength also agreed to an injunction requiring the company for a period of ten years to provide all prospective investors with a copy of the complaint and final judgment in the action.
King agreed to a similar conduct-based injunction with respect to prospective investors in any entity that King directly or indirectly owns or controls, or in any entity by which King is employed or consults with in a capacity that involves offering or selling securities.
King also agreed to pay a $96,384 penalty and $115,067 in disgorgement plus $11,066 in prejudgment interest.
The proposed settlements are subject to court approval.
The SEC’s investigation was conducted by Kerry Dakin, John McCann, and Celia Moore, of the Boston Regional Office.
US Securities and Exchange Commission v. King (1:21-cv-10714)
District Court, D. Massachusetts
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