Tag Archives: penny stock bar

SEC Brings Actions Against Fifteen for Their Participation in an Illegal MicroCap Offering

Last week, the Securities and Exchange Commission charged fifteen individuals with acting as unregistered brokers or aiding-and-abetting such activity in connection with Intertech Solutions, Inc.’s fraudulent and unregistered securities offerings. The SEC’s complaints allege that Alexander Bevil, Richard Bohnsack, Daniel Broyles, Charles Davis, Michael Duke, Joel Duncan, Martin Lewis, Mark Parman, William Roth, Paula Saccomanno, Kenneth Shelton, Billy Ray Statham,

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SEC Settles with Unregistered Public Shell Company Broker

Yesterday, The Securities and Exchange Commission filed settled charges against recidivist James K. McKillop for acting as an unregistered broker and for failing to timely file required beneficial ownership forms in connection with his position at Tiber Creek Corp. The SEC also separately filed related settled administrative charges against Tiber Creek and Tiber Creek’s president, James M. Cassidy. According to

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SEC Charges Texas Oil-And-Gas NanoCap Company and Its Former CEO in Penny Stock Fraud

On March 19, 2019, the Securities and Exchange Commission charged a Texas-based oil-and-gas penny stock company and its former CEO with fraudulently concealing the loss of the company’s major source of revenue. According to the complaint, in mid-2017, Cardinal Energy Group, Inc. (“Cardinal”), based in Dallas, Texas, lost control of its interest in two oil-and-gas leases that accounted for nearly

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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

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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

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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

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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

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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

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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

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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

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