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SEC Accuses North Carolina Man of Napster Stock Fraud
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Subscribe26 JUN 2026 / SEC UPDATES
The U.S. Securities and Exchange Commission (SEC) has alleged that Charles J. Cole, a North Carolina resident, and his attorney Torben M. Welch, conducted a scheme which led Infinite Reality, now known as Napster Corp., to issue over 239 million shares of stock based on false promises of a multibillion-dollar investment. The SEC maintains that these funds never materialised and warns finance teams to verify funds before issuing equity, highlighting the need for more rigorous internal controls and third party verification in the private market where fraudulent activities have more room to prosper.
Napster has always had a talent for showing up when the internet gets weird. In 1999, it arrived as the scrappy file sharing service that made college dorm rooms feel like record stores with no cashier. It changed how people thought about music access, co...
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