US SEC Sues Over Alleged Fraud in Virgin Orbit Bailout

SEC Sues Over Alleged Bogus Bailout of Richard Branson's Virgin Orbit

Overview of the Legal Action

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against a Texas man over an alleged fraudulent $200 million offer to rescue Richard Branson's now-defunct satellite launch company, Virgin Orbit. The SEC's complaint seeks a civil fine, a ban on offering securities, and other legal remedies.