Three CEOs face civil and criminal charges of stock manipulation in yesterday’s SEC release. One of them was Thomas Schroepfer, President of Smokefree Innotec, Inc.
Smokefree Innotec, Inc. (SFIO) announced that Thomas Schroepfer resigned:
Smokefree Innotec Accepts Resignation of President Thomas Schroepfer Today
Marketwire “Press Releases”
LAS VEGAS, NV — (MARKET WIRE) — 07/01/11 — George Roth , CFO, of Smokefree Innotec, Inc. (PINKSHEETS: SFIO), an established international distributor of e-cigarettes (http://www.sfio.us or http://realsmokefree.com), announced that it has come to the attention of the Board of Directors of SFIO that the United States Securities and Exchange Commission has issued a press release today naming individuals allegedly engaging in actions which may have involved federal securities law violations, including one that describes SFIO’s President Thomas Schroepfer as having participated in a transaction the Company believes involved a total of $40,000 in May 2009 . As a consequence, Thomas Schroepfer has tendered his resignation which the Board of Directors has accepted effective immediately.
Mr. Roth further announced that the Board has elected him as President and Tammy Dunn as Secretary and CFO, effective immediately, in replacement of Mr. Schroepfer , whom SFI thanks for his past contribution to the Company and wishes him well. Mr. Roth stated also that he intends to conduct business as usual for the benefit of the Company, its customers and shareholders.