September 12, 2019

Ronald Hardy and Dennis Verdosa, both formerly associated with Power Traders Press and My Street Research, were sentenced to, respectively, 10 years and 6 years in prison following their 2018 guilty pleas for their roles in a “boiler room” operation that defrauded investors, many elderly, of $147 million.  Defendants artificially inflated the price and trading volume of stock in certain publicly-traded companies, and misrepresented the advisability of purchasing the stock and its potential profitability to victim investors.  The defendants often themselves held interests in the companies, and profited when their victims lost.   USAO EDNY

Tagged in: Criminal Proceedings, Financial and Investment Fraud, Market Manipulation and Trading Violations, Misrepresentations, Securities Fraud,