SEC charges Seattle men with scheme

SEATTLE – The Securities and Exchange Commission has filed civil charges against Seattle attorneys and a Houston public relations firm, saying they touted nonexistent products to boost its stock price, then netted more than $1 million by selling shares before the stock collapsed.

The SEC said Monday that David M. Otto and Todd Van Siclen used misleading press releases and Web profiles to tout the nonexistent, anti-aging beverages and nutritional supplements of Seattle-based MitoPharm Corp. Also charged were MitoPharm, its chief executive Pak Peter Cheung, and Houston-based stock promoter Charles Bingham and his company Wall Street PR Inc.

Otto’s attorney, Jeffrey B. Coopersmith, of Seattle, said Otto committed no fraud.