SEC scolds Arete Industries

BOULDER – Arete Industries Inc., a Boulder-based incubator for start-up businesses, and its president, Thomas Raabe, have been issued cease and desist orders by the Securities and Exchange Commission.

The SEC charges that in February 1998, Arete violated anti-fraud provisions of federal securities laws in connection with two erroneous press releases it issued.

Together, the press releases claimed that Arete was ready to acquire and merge with a private sports apparel company. The SEC wrote that no such agreements ever existed. It ordered both Raabe and his company to cease and desist from committing or causing any future violations of anti-fraud provisions.…