Former President George H.W. Bush was one of many political heavyweights that Apollo claimed were board members or shareholders.

NEW YORK (CNN/Money) - Federal regulators are charging that a Canadian firm seeking an initial public offering misled investors by claiming that its board and shareholders were stacked with such political heavyweights as Federal Reserve Chairman Alan Greenspan and former presidents Jimmy Carter and Bill Clinton, according to a news report published Wednesday.

The Wall Street Journal reported that the Securities and Exchange Commission is charging Apollo Publication Corp. with falsifying a registration filing entered earlier this month.

The Windsor, Ontario-based firm, which was seeking a spot on the Nasdaq Small Cap Market, claimed in the release that its board members also included U.S. Senator Joseph Lieberman, D-Conn., and former President George H.W. Bush.

The filing listed Xiaobo Lucy Luo as the company's chairman and chief executive officer, according to the newspaper.

The Journal reported that Apollo's filing said the company was looking to sell $3.6 billion in securities and that its business involved marketing textbooks and other products to "whole world citizens on the Earth."

Apollo also maintained that Canadian Imperial Bank of Commerce (CIBC) and some the investment bank's affiliates were handling the offering. CIBC denied the claim, telling the newspaper its name was used without their knowledge or approval.

The company will have a chance to address charges by the SEC, and a decision is expected by federal regulators within seven months, the newspaper reported.

Adding to its star-powered list of directors, Apollo also claimed that former President Clinton, Sens. John Kerry and Edward Kennedy, both Massachusetts Democrats, and current Vice President Dick Cheney had already been issued options.

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