A Fort Worth, Texas, native faces serious accusations after the Securities and Exchange Commission announced plans to sue him for allegedly submitting a "bogus offer" of $200 million to purchase the now-defunct space company, Virgin Orbit. The SEC claims Matthew Brown and his company, Matthew Brown Companies, LLC, engaged in a fraudulent scheme to submit a bogus offer to invest $200 million in Virgin Orbit Holdings, Inc, which was once listed on NASDAQ under the ticker symbol VORB.
The SEC is seeking permanent injunctions, a civil penalty, and an officer-and-director bar against Brown, prohibiting him from holding such positions within companies. Brown’s company did not respond to Fox News Digital’s request for comment. Matthew Brown Companies, LLC released a statement to FOX 4 in Dallas in response to the SEC’s lawsuit, denying the allegations and claiming the complaint is filled with "egregious errors, fabrications and biased allegations.