The SEC declined to comment. The regulator has said about 25 firms raised more than $235 million under Regulation A+ through 2016. Most haven’t listed shares on an exchange. SEC rules bar company officials from participating in mini-IPOs if they have certain securities law violations within the last 10 years.

Adomani Inc., which makes technology to convert vehicle gas engines to electric, went public in June on Nasdaq. It hired the former superstar pro wrestler Bill Goldberg to tout the company’s prospects to his hundreds of thousands of followers on Twitter and Instagram. Its stock has since declined about 49 percent while the company remains unprofitable.

Adomani and Goldberg didn’t respond to requests for comment.

Regulatory Marks

Adomani was underwritten by Boustead Securities LLC and Network 1 Financial Securities Inc. Almost half of both firms’ registered brokers have negative marks, such as regulatory fines or tax liens, on BrokerCheck, a database maintained by the Financial Industry Regulatory Authority. Just 13 percent of brokers across the industry have marks, according to Finra, a Wall Street funded regulator.

It would be wrong to conclude that the Adomani IPO was riskier than other share sales based on the backgrounds of Boustead employees “who had nothing to do” with the offering, Boustead Chief Executive Officer Keith Moore said in an emailed statement.

Network 1 didn’t respond to requests for comment.

Fat Brands

One of Adomani’s biggest shareholders was Dennis Di Ricco, who has a history of legal and regulatory run-ins, stretching back to the 1980s, including a federal conviction of obstruction of justice and aiding and abetting in the preparation of false tax returns. In 2008, California regulators ordered him to stop selling unregistered securities tied to an oil monitoring company that advertised a “patented technique,” which didn’t exist.

Di Ricco severed his relationship with Adomani earlier this year, selling millions of shares and options, according to filings. He didn’t respond to requests for comment.