Litigation Releases (Semisub, Inc.; Jamey Denise Jackson)

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26592 / July 23, 2026

Securities and Exchange Commission v. Semisub, Inc., et al., No. 22-00349 (SASP-KJM) (D. Haw.) (filed Aug. 3, 2022)

SEC Settles Litigation Against Hawaii-Based Tour Operator and a Former Principal for Alleged Fraud

On July 16, 2026, the Securities and Exchange Commission filed proposed final judgments as to Defendants Semisub, Inc. and Jamey Denise Jackson, one of Semisub's former principals, whom the SEC charged with allegedly conducting an offering fraud and misappropriating investor funds for personal use.

The SEC's complaint, filed on August 3, 2022, alleges that from 2017 through at least February 2022, Semisub, Denise Jackson, and co-defendant Curtiss Edward Jackson raised approximately $4.7 million from over one hundred individuals across the United States through the fraudulent offer and sale of securities in Semisub, a company formed purportedly for the construction and operation of a partially submersible vessel that would be used for commercial sightseeing tours in Hawaii. The complaint alleges that despite telling investors through offering documents and other communications that their funds would be used to construct the initial vessel and then construct and market additional vessels to potential buyers, the defendants misappropriated a significant portion of the funds raised to pay for their personal expenses, including, among other things, private homes, vacations, groceries, psychics, and recreational drugs. According to the complaint, to perpetuate the fraud and solicit additional funds to support their personal spending, the defendants repeatedly lied to investors about the status of construction of the vessel and potential business relationships with reputable entities and organizations.

Semisub and Denise Jackson consented to the entry of the final judgments, subject to court approval, that would permanently enjoin them from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and order Denise Jackson to pay disgorgement and prejudgment interest of $1,901,762, which shall be deemed satisfied by the restitution order entered against her in the parallel criminal action U.S. v. Curtiss E. Jackson and Jamey Denise Jackson, D. Haw. Crim. No. 22-00093 (JMS). Denise Jackson pleaded guilty to conspiracy to commit mail fraud and wire fraud in the criminal action, and on August 7, 2025, the court sentenced her to 24 months in prison and two years of supervised release and ordered her to pay restitution of $16,745,132.58.

The SEC's investigation was conducted by Andrea Fox, Jennie B. Krasner, and Devon Staren, and supervised by Stacy L. Bogert. The litigation, which remains ongoing as to Curtiss Jackson, is being led by Patrick R. Costello and supervised by James Connor.