On August 1, 2011, the SEC brought suit against Immunosyn Corporation, Argyll Biotechnologies LLC, and four executives, alleging that they had committed securities fraud related to misleading statements regarding the status of regulatory approvals during 2006–10. Three of the executives, as well as Argyll, Argyll Equities, and Padmore Holdings Ltd., were also alleged to have engaged in insider trading. According to the complaint, public filings stated that Argyll planned to begin the regulatory approval process or that the process was underway but failed to disclose that the U.S. Food and Drug Administration had already twice issued clinical holds that prohibited clinical trials from occurring.