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March 9, 2018

Posted  June 1, 2018

The SEC barred Robert Ritch 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 media before any dramatic spike in stock price typically seen in pump-and-dump schemes could occur.  Following such spikes, fraudsters dump their shares and stop hyping the stock, the price typically falls, and investors lose their money. Without admitting or denying the SEC’s findings, Ritch consented to a cease-and-desist order, officer-and-director bar, penny stock bar, and $50,000 penalty.  The SEC also has suspended trading in MNZO. SEC

Tagged in: Misrepresentations, Securities Fraud,