Another Pump-and-Dump Market Manipulation Scheme

SEC Charges Microcap Company and its Promoters in Pump-and-Dump Market Manipulation Scheme.

According to the complaint, the defendants opened brokerage accounts in the names of nominees in order to sell their stock and, when they deposited the Company’s shares into the accounts, they lied about how much stock they owned, how they obtained it, and the relationship of the nominees to them. The complaint further alleges that the defendants organized and implemented a promotional campaign, including email blasts and a boiler room that targeted senior citizens. The Company’s stock price increased, from $0.93 per share on September 30, 2014 to $1.62 per share on May 1, 2015, during which time the defendants dumped their shares through the nominees, earning them net illegal profits of about $3.1 million.

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