SEC files charges naming Paxton in Servergy case

Texas Attorney General Ken Paxton is facing civil fraud charges filed by the U.S. Securities and Exchange Commission.

 

Paxton was named in charges filed April 11 against Servergy Inc., a McKinney-based technology company incorporated in Nevada, and its founder and former chief executive officer William E. Mapp III.

 

The federal regulatory agency’s 26-page complaint contains the charges alleging “the boosting of stock sales with false claims about a supposedly revolutionary computer server and big-name customers purportedly placing orders to buy it” from November 2009 through September 2013, a period during which Servergy raised some $26 million in private securities.