Tag Archives: penny stock bar

Court Enters Judgment Against Microcap Company and Two Promoters in Pump-And-Dump Scheme

This week, The Securities and Exchange Commission has obtained final judgments against a microcap company and its two undisclosed promoters who were charged with running a $3.3 million microcap fraud. In September 2017, the SEC charged Jason McDiarmid, Kenneth George Cedric Telford, and Stop Sleep Go, Inc., formerly known as Interactive Multi-Media Auction Corp, with running a pump-and-dump scheme in

Read more

Billionaire Settles MicroCap Fraud Case With SEC

Last week, Dr. Philip Frost, a biotech billionaire, agreed to a proposed settlement with the SEC related to what the SEC called “lucrative market manipulation schemes” worth $27 million. According to a press release from OPKO Health, Inc. (NASDAQ: OPK), a public company that Dr. Frost serves as Chairman and CEO; “Dr. Frost agreed, without admitting or denying the SEC’s

Read more

SEC Charges Four in Fraudulent Microcap Manipulation Scheme Orchestrated Through International Accounts

Last week, The Securities and Exchange Commission charged four individuals for their roles in a scheme to profit from the manipulation and illegal sale of stock of two publicly traded companies, Environmental Packaging Technologies Holdings, Inc. and CURE Pharmaceutical Holding Corp. According to the SEC’s complaint, Morrie Tobin, a California resident, worked with co-defendants Milan Patel, Matthew Ledvina, and Daniel

Read more

SEC Charges Self-Described Stock Promoter With Microcap Market Manipulation Scheme

Yesterday, The Securities and Exchange Commission charged a self-described penny stock promoter and an entity he controlled with orchestrating a scheme to manipulate trading in at least 97 microcap stocks. According to the SEC’s complaint, Eric Landis of Charlottesville, Virginia, falsely claimed to third-party media buyers for microcap companies that he would distribute promotional materials for the stocks via email

Read more

SEC Brings Charges in New York Boiler Room Scheme

Last week, the Securities and Exchange Commission brought additional charges against a Long Island, New York-based boiler room previously sued for defrauding elderly and unsophisticated investors. The latest charges allege that First Choice Healthcare Solutions Inc. CEO Christian Romandetti, the boiler room, and four others, manipulated the company’s shares generating more than $3.3 million of illegal profits and more than

Read more

Former CEO Barred From Penny Stock Offerings For Stock Manipulation In Attempt To Uplist To Nasdaq

A federal district court in Jacksonville, Florida has barred the former CEO of a Florida-based franchisor of children’s educational programs from serving as an officer or director of a public company and from participating in penny stock offerings. The Securities and Exchange Commission charged Brian Pappas, the former CEO of Creative Learning Corp., in August 2017 with fraud for making

Read more

Orchestrator of Microcap Fraud Scheme Barred from Penny Stock Offerings

This week, the orchestrator of a microcap fraud scheme who defrauded investors by directing the issuance of false press releases about the microcap company’s prospects and hiding his secret control of the company has been barred by a federal court from participating in penny stock offerings and ordered to pay an $80,000 penalty. In October 2017, the SEC charged John

Read more

Attorney and Businessman Barred from Penny Stock Offerings for Engaging in a Microcap Pump-And-Dump Scheme

Yesterday, two South Florida men agreed to lifetime bars from participating in penny stock offerings to settle charges brought by the Securities and Exchange Commission alleging that they facilitated a pump-and-dump scheme involving shares of a Sunrise, Florida company that purported to be in the beauty products business. The SEC alleges that attorney Mark E. Fisher of Boca Raton, Florida

Read more

SEC Obtains Permanent Injunction Against CEO in Penny Stock Fraud Scheme

Last week, the Securities and Exchange Commission obtained a final judgment against the former CEO of a penny stock company, whom the SEC charged with making false and misleading statements in the company’s SEC filings and press releases and with manipulating the company’s stock. The SEC alleged that Andrew J. Kandalepas, the former CEO of Wellness Center USA, Inc., took

Read more

SEC Obtains Penny Stock Bar For Perpetrator of Initial Coin Offering Fraud

This week, the Securities and Exchange Commission obtained permanent officer-and-director and penny stock bars against the founder of a company who perpetrated a fraudulent initial coin offering (ICO) to fund oil exploration and drilling in California. According to the SEC’s order, David T. Laurance and Tomahawk Exploration LLC attempted to raise money through the sale of blockchain-based digital tokens called

Read more
« Older Entries