NY AG Says Stephen Brown Was a Central Player in Cardis Enterprises Fraud

New York State CapitolStephen Brown was a central player in a Long Island-based fraud, the New York Attorney General argued in Court papers last week. Cardis Enterprises, where Brown was nominally the senior financial officer, claimed to “have developed revolutionary technology to lower the cost of credit card transactions,” the AG says. “But Cardis was a fraud.”

Brown is seeking a dismissal of the claims against him.

The AG remains unconvinced he does not bear responsibility. Stephen Brown “issued a host of materially misleading written statements about the company’s prospects” and “participated in efforts to cover up Cardis’ malfeasance,” the papers say. He is facing civil charges of actual fraud, equitable fraud, and constructive fraud.

Brown’s LinkedIn profile lists him as the CFO of Nanovibronix (NASDAQ: NAOV) and he is currently the Vice Chairman of the Board of Directors for IDW Media Holdings (OTCMKTS: IDWM).

The docket # is 452353/2018 in the New York Supreme Court.