SEC Charges Former Global Tech CEO David Reichman in Alleged Share Scheme

Summary

The SEC charged former Global Tech Industries Group, Inc. Chairman and CEO David Reichman on October 2, 2026, alleging a multi-year investor fraud. The complaint, SEC v. David Reichman et al., No. 26-cv-08713, filed in the U.S. District Court for the Southern District of New York, claims Reichman caused Global Tech to issue tens of millions of shares to relatives, friends and associates to enrich himself and his daughter, Justine Reichman. Annual SEC filings he signed allegedly characterized the issuances as compensation for services, although recipients provided none. He also allegedly concealed Justine Reichman’s significant stock ownership and filed required reports of his own Global Tech share sales late. Justine Reichman, individually and as trustee of the Justine Reichman 2021 Trust, is named as a relief defendant.

The SEC charged Reichman under Securities Act Section 17(a), Exchange Act Section 10(b), Rule 10b-5, Section 16(a) and Rule 16a-3, and with aiding and abetting Global Tech’s alleged Section 13(a) and Rule 13a-1 violations. It seeks permanent injunctive relief, civil penalties, disgorgement with prejudgment interest and an officer-and-director bar against Reichman, plus disgorgement with interest from the relief defendants. Yitzchok Klug, Alexander M. Levine and Christopher Mele conducted the investigation under Alison Conn and Sheldon L. Pollock. Travis Hill, Klug and Levine will litigate under Alexander Vasilescu’s supervision.