The Securities and Exchange Commission announced October 2, 2026 that it filed charges against David Reichman, former chairman and CEO of Global Tech Industries Group, Inc., for allegedly running a multi-year scheme to defraud investors. The complaint, filed in the Southern District of New York, also names his daughter, Justine Reichman, individually and as trustee of the Justine Reichman 2021 Trust, as relief defendants.
The SEC alleges Reichman caused Global Tech to issue tens of millions of shares to family members, friends and associates to enrich himself and his daughter. It says he signed annual filings stating the shares were issued “for services,” knowing the recipients had provided none, concealed that his daughter was a significant shareholder, and failed to file required reports on his own stock sales on time.
He is charged with violating Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5, and the Section 16(a) reporting rules, and with aiding and abetting the company’s reporting violations. The SEC seeks injunctions, civil penalties, disgorgement with interest and an officer-and-director bar, and disgorgement from the relief defendants.