The U.S. Securities and Exchange Commission on Monday charged Netcapital NCPL.O with securities fraud over the fintech company's alleged scheme to overstate revenue.

In a civil complaint filed in Boston federal court, the SEC said Netcapital improperly recorded nearly $14 million in revenue from consulting agreements with John Fanning, who created the Netcapital brand. The SEC said the consulting agreements, including some that were forged, were shams that produced no real revenue for the Boston-based company.