Tag Archives: MicroCap Fraud

SEC Charges Microcap Fraudsters And Billionaire for Roles in $27 Million Market Manipulation Schemes

Posted on by One comment

Last Friday, the Securities and Exchange Commission charged a group of 10 individuals and 10 associated entities for their participation in long-running fraudulent schemes that generated over $27 million from unlawful stock sales and caused significant harm to retail investors who were left holding virtually worthless stock. According to the SEC’s complaint, from 2013 to 2018, a group of prolific

Read more

SEC Charges Repeat Offender in MicroCap Stock Manipulation Scheme

Posted on by Leave a comment

Last week, the Securities and Exchange Commission charged Howard M. Appel with manipulating the stocks of three microcap companies while on supervised release following his criminal conviction for a prior securities fraud. According to the SEC’s complaint, Appel orchestrated multiple schemes to manipulate the market for trading in shares of Virtual Piggy Inc., (VPIG), Red Mountain Resources Inc. (RDMP), and

Read more

SEC Charges Attorney With Illegal Sales of Blockchain Company’s MicroCap Stock

Posted on by Leave a comment

On Monday, the Securities and Exchange Commission charged two men alleged to have profited from illegal sales of stock of a company claiming to have a blockchain-related business. According to the SEC’s complaint, attorney T.J. Jesky and his law firm’s business affairs manager, Mark F. DeStefano, made approximately $1.4 million by selling shares in UBI Blockchain Internet Ltd. over a

Read more

SEC Files Fraud Charges In MicroCap Shell Scheme

Posted on by Leave a comment

Last week, the SEC filed fraud charges against Niel Nielson for his role in orchestrating a microcap fraud at E-Waste Systems, Inc (EWSI). According to the SEC, Nielson, who was the CEO, President, and sole director of EWSI, issued frequent false and misleading statements in press releases and public filings to create the false impression that EWSI was expanding quickly across the world

Read more

SEC Files Charges in International MicroCap Manipulation Scheme

Posted on by Leave a comment

This week, the Securities and Exchange Commission charged four individuals for their roles in a fraudulent scheme that generated nearly $34 million from unlawful stock sales and caused significant harm to retail investors. According to the SEC’s complaint, the defendants manipulated the market for and illegally sold the stock of microcap issuer Biozoom Inc. As part of the alleged scheme,

Read more

SEC Charges Broker-Dealer in Employee’s MicroCap Pump-and-Dump Fraud

Posted on by Leave a comment

Last week, the Securities and Exchange Commission announced charges against Wedbush Securities Inc. for failing to supervise employee Timary Delorme after the broker-dealer ignored numerous red flags indicating that Delorme was involved in a long-running pump-and-dump scheme targeting retail investors. Delorme agreed to settle fraud charges stemming from the same scheme. This is the second SEC action against Wedbush this

Read more

MicroCap Stock Suspended By SEC for Fraudulent Press Release

Posted on by Leave a comment

Yesterday, the SEC temporarily suspended trading in ENFL’s securities due to concerns about the accuracy and adequacy of information in the marketplace about, among other things, the company’s status with OTC Markets Group Inc. as stated in a press release issued on March 19, 2018. Efuel EFN Corp. (EFLN) published a press release on March 19, 2018 that misrepresented a

Read more

SEC Foils NanoCap Executive’s Pump & Dump

Posted on by Leave a comment

Last Friday, the SEC barred the president of a penny stock company from ever again serving as a public company officer or director after he was caught making false and misleading statements about the company to investors in an effort to increase demand for the stock. The SEC confronted him quickly and the misstatements were removed from the Internet and social

Read more

SEC Charges U.K. Brokerage Firm and Others for Manipulative Trading in U.S. MicroCap Stocks

Posted on by Leave a comment

On Friday, the Securities and Exchange Commission announced securities fraud charges against a U.K.-based broker-dealer and its investment manager in connection with manipulative trading in the securities of HD View 360 Inc. (OTC: HDVW), a U.S.-based microcap issuer. The SEC further announced the institution of an order suspending trading in the securities of HD View. The SEC also announced charges against

Read more

SEC Obtains Final Judgment Against Former Boiler Room Operator

Posted on by Leave a comment

Yesterday, the SEC announced that is has obtained a final judgment against a former boiler room operator charged with participating in a fraudulent scheme to artificially inflate the per share price of penny stocks. The SEC’s complaint alleged that in 2010, an owner of penny stocks, James Price, proposed to a stock promoter, Brian Kingsfield, that they engage others to

Read more
« Older Entries Recent Entries »