he Securities and Exchange Commission (SEC) charged a company cofounded by Paul Pelosi Jr. with fraud on Wednesday after learning that two convicted criminals were running the business.

Paul Pelosi Jr., the son of House Minority Leader Nancy Pelosi (D., Calif.), was the president and chief operating officer of Natural Blue Resources Inc., an investment company he cofounded that focuses on “environmentally-friendly” ventures.

The SEC charged four individuals with fraud, including former New Mexico Gov. Toney Anaya, and suspended trading in the company’s stock. Pelosi owned over 10 million shares in the company in 2009.

The SEC said Wednesday the company was “secretly controlled” by James E. Cohen and Joseph Corazzi, both of whom had previous fraud convictions. Corazzi violated federal securities laws and was barred from acting as an officer or director of a public company. Cohen was previously incarcerated for financial fraud.

Cohen and Corazzi said they were “outside consultants,” but according to the SEC, they actually controlled Natural Blue’s business decisions “without disclosing their past brushes with the law to investors.” The pair made hundreds of thousands of dollars off the company.

“Cohen and Corazzi concealed their involvement through a so-called ‘consulting’ agreement, but their influence over the issuer spread much further,” said Andrew J. Ceresney, director of the SEC’s Enforcement Division. “Investors in Natural Blue had a right to know who was running the company behind the scenes.”

The SEC suspended trading in Natural Blue stock. A notice filed in the Federal Register on Wednesday by Jill M. Peterson, assistant secretary of the SEC, revealed that the company has not filed any periodic reports, which are required by law, with the SEC in four years.

“It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Natural Blue Resources, Inc. because it has not filed any periodic reports since the period ended September 30, 2010,” Peterson said, in the order announcing suspension of trading.

Cohen, Corazzi, Anaya, and Erik Perry, a former executive at Natural Blue, were all charged with federal fraud violations. Anaya, who was Governor of New Mexico from 1983 to 1987, and Perry “misled investors by failing to disclose that Cohen and Corazzi were running the company in spite of their criminal or disciplinary histories,” the SEC said.

“Natural Blue and its officers attempted an end-run around the rules designed to prevent recidivists from getting their hands on the controls of public companies,” said Paul Levenson, director of the SEC’s Boston Regional Office. https://m.washingtontimes.com/news/2014/jul/17/company-co-founded-nancy-pelosis-son-charged-secur/?fbclid=IwAR0zCGz2R2JdeT0rNPMZsrWt2bJ9TqGKd8FvuQJ3tibBAdQxbnYc2BGH46s

SANTA FE, N.M., Feb. 8, 2010 (GLOBE NEWSWIRE) – Natural Blue Resources, Inc. (OTCBB:NTUR) announced today the signing of three contracts by Enso Steel, Inc. for the sale of HMS1 recycled steel for an aggregate sales price of $13.4 million to customers based in China. Natural Blue Steel, LLC, a wholly owned subsidiary of Natural Blue Resources, has associated with Enso Steel, an otherwise unaffiliated company, for the purpose of pursuing opportunities in the recycled steel business, and arranged for the sale of the recycled steel under the contracts. Natural Blue Steel will continue its association with Enso Steel to seek out similar market opportunities and transactions in the future. According to Enso President Robert Hunt, the sale is the first in a series of transactions for Natural Blue Steel to become a premier provider of HMS steel products to China, the world's number one consumer of HMS recycled steel. Mr. Hunt commented, "Natural Blue Steel has located vast quantities of steel product and we are well on our way to forging long term relationships with large end users throughout Asia. We believe this business will be a rapidly growing segment for Natural Blue Steel as we expand our product offerings and our strategic relationships in the Asian market."

According to the Natural Blue Resources' Chairman and CEO Toney Anaya, "The worldwide demand for recycled steel is presenting an exciting opportunity for our company to aggressively pursue this market. Recycling is a recurring theme of Natural Blue Resources and its subsidiaries as we integrate various "green space" industries in our business growth strategy."

Anaya added, "The addition of global opportunities in the recycled steel business will be a focal point of our company. Natural Blue Steel has begun to assemble an impressive customer list and management believes Natural Blue Steel will remain active in the near term following this first shipment to our customers in China."

Natural Blue Resources, Inc. is a publicly traded company (OTCBB:NTUR). The Ecowave technology is exclusive to NTUR worldwide excluding S.Korea, where it was developed and is now in full operational use.

Forward-Looking Statements:

This release includes statements that constitute forward-looking statements. Such forward-looking statements are based on information available at the time and management's belief with respect to future events, and are subject to factors, risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Such factors, risks and uncertainties include, but are not limited to, those described by Natural Blue Resources, Inc. in its public filings with the Securities and Exchange Commission. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any obligation or intention to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information.

SafeHarbor Statement: certain statements contained herein are forward looking. These forward-looking statements are based on our current expectations and are subject to a number of risks, uncertainties and assumptions. Many factors could cause actual results to differ significantly from these statements, including our history of operating losses, our need for additional financing, a failure of our products to perform as expected, introduction of competing products by other companies, pressures on prices from competitors and/or customers, regulatory obstacles to new product introductions, lack of acceptance of our products and technology changes. These risks, uncertainties and assumptions are detailed in documents filed by us with the Securities and Exchange Commission. The Company cautions that the foregoing list of important factors is not exclusive. Any forward-looking statements are made as of the date of the document in which they appear. The Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.

Natural Blue Resources, Inc.

866-739-3945 https://www.globenewswire.com/news-release/2010/02/08/413885/183752/en/Natural-Blue-Resources-Inc-Announces-Today-the-Signing-of-Three-Contracts-by-Enso-Steel-Inc-for-the-Sale-of-HMS1-Recycled-Steel-for-an-Aggregate-Sales-Price-of-13-4-Million-to-Cust.html