January 28, 2016

July 21, 2015

The SEC charged three men, currently living in Israel, with defrauding investors by disseminating promotional e-mails exhorting readers to immediately buy purportedly hot stocks so they could secretly sell their own holdings at a substantial profit, a classic “pump and dump” scheme.  According to the allegations in the complaint, the men pumped the price of penny stocks by as much as 1,800 percent, permitting them to take over $2.8 million in trading profits.  In a parallel action, the Southern District of New York’s U.S. Attorney’s office has brought criminal charges against the three men.  SEC

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