William Hutchinson allegedly sold $35,000 in a fraudulent stock offering.

The U.S. Securities and Exchange Commission has charged a Sarasota man who allegedly created a phony stock offering that bilked investors out of at least $35,000.

William Hutchinson was accused in a civil compliant with selling shares in a company he formed that never had any business operations.

The SEC said Hutchinson, 74, who also uses the name William Cluxton, convinced stock promoters to sell shares in a company called Symulto Corp., which he promoted as a developer of stored-value debit card services and software for international electronic gaming and sports.

He claimed the company operated internationally, with sales of $251 million and profits topping $86 million.

"In reality, Symulto never had any business operations, assets or income," the lawsuit states.

As of Wednesday Hutchinson had not responded to the complaint, filed last week in U.S. District Court in Tampa.

Four investors from Canada purchased about $35,000 in Symulto shares last year, according to the complaint. He paid about $14,000 to the promoters who sold the stock and who apparently did not know the offer was bogus.

"He used almost all of the remaining $21,000 for personal expenses," the complaint states.

The SEC is seeking to block Hutchinson from further violations of federal securities laws, to repay "ill-gotten gains" and to pay unspecified civil penalties.