Peoria, Ariz. (Aug. 29, 2022) — Taronis Fuels Inc. has resolved a proceeding that the United States Securities and Exchange Commission filed on Aug. 25, 2022. Without admitting or denying the SEC’s allegations, Taronis Fuels consented to be permanently enjoined from violations of certain provisions of the federal securities laws and agreed to pay disgorgement in the amount of $4,876,023, plus prejudgment interest in the amount of $231,877.50, for a total of $5,107,900.50.
Taronis Fuels agreed to pay this amount pursuant to a one-year payment plan, the first payment installment of which has already been placed into escrow. The resolution does not involve the payment of a civil penalty by Taronis Fuels.
The resolution remains subject to approval by the U.S. District Court for the Middle District of Florida. Taronis Fuels is pleased to put this matter behind it and the company and its new management team looks forward to continuing the operation of its industrial gas and welding supply business.