Four months after its shares were delisted from NASDAQ, Luxembourg-domiciled "music streaming" firm Akazoo S.A. has been sued for securities fraud in New York by the SEC, with the alleged scheme also involving individuals and firms in England, Greece, and Scotland.
Complaint alleging the defendant "defrauded multiple groups of investors out of millions of dollars" in U. S. Securities and Exchange Commission v. Akazoo SA, described as a Luxembourg company "with its purported principal place of business in London, United Kingdom and its actual principal place of business in Athens, Greece", at the U. S. District Court for the Southern District of New York. Editor's Note: Research by OffshoreAlert in the Luxembourg Business Register showed that Akazoo S.A. was incorporated on February 6th, 2019 and its directors are identified as Lewis W. Dickey, Jr., of Atlanta, Georgia; Panagiotis Dimitropoulos, of London, England; Maja Lapcevic, of Luxembourg; Asit Mehra, of New York; Colin Miles, of Singapore; Athan Stephanopoulos, of Luxembourg, and Apostolos N. Zervos, of Greece.
Class Action Complaint alleging securities fraud in Aung K. Soe v. Akazoo S.A., described as a Luxembourg-domiciled, London-based company that "purports to be" a provider of "on-demand music, audio streaming, media, and A.I. technology", and Apostolos N. Zervos at the U. S. District Court for the Eastern District of New York.