On February 23 2023, the Securities and Exchange Commission charged recidivist Alan Shinderman and his company, Markman Biologics Corp. ("Markman Biologics"), with making materially false and misleading statements to investors in four unregistered offerings and misappropriating investor funds for Shinderman's personal use, including for the benefit of Shinderman's wholly-owned entity, Relief Defendant Aspen Asset Management Services, LLC ("Aspen").

The SEC's complaint, filed in the U.S. District Court for District of Nevada, alleges that from November 2019 to November 2022, Shinderman and Markman Biologics raised approximately $1.276 million from investors using materially false and misleading statements in offering materials and SEC filings, regarding, among other things, the use of investor proceeds, Shinderman's compensation, the existence of related party transactions, and Shinderman's status as a recidivist. Contrary to these statements, Shinderman misappropriated more than a third of investor assets for himself and Aspen.

The SEC's complaint charges Shinderman and Markman Biologics with violating Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint seeks injunctions and civil penalties against Shinderman and Markman Biologics; disgorgement with prejudgment interest from Shinderman, Markman Biologics and Aspen; and an officer-and-director bar, a penny stock bar, and conduct-based injunctions against Shinderman.

The SEC's investigation, which is ongoing, is being conducted by Ada Fernandez Johnson, Katherine H. Stella, and Donato Furlano, and supervised by George Bagnall, Peter Rosario, and Stacy L. Bogert. The litigation will be led by Edward Reilly and supervised by James Connor.