Monday, November 24, 2014

SEC Press Releases - Accusation of Pump and Dump, Day Trading Scheme, Insider Trading, False Press Releases and more

Three Penny Stock Promoters Behind Pump-and-Dump Schemes
Three penny stock promoters have been charged with conducting pump-and-dump schemes involving stocks they were touting in their supposedly independent newsletters.

Two former employees in the Dubai office of a U.S.-based defense contractor have been sanctioned for violating the Foreign Corrupt Practices Act (FCPA) by taking government officials in Saudi Arabia on a “world tour” to help secure business for the company.  The two employees later falsified records in an attempt to hide their misconduct.

An unregistered broker living outside Tampa, Fla., has been charged with stealing investor funds as part of a fraudulent day trading scheme.

Insider trading charges have been announced against a then-CEO and a close friend he provided with confidential details about his New Jersey-based company’s nonpublic merger discussions that enabled the friend to make $164,260 in trading profits after it was sold to a private equity firm.

Father-and-son executives at a New Jersey-based penny stock company have been charged for issuing false and misleading press releases while secretly selling thousands of their own stock shares into the market.  They agreed to pay nearly $325,000 and accept officer-and-director bars to settle the SEC’s charges.
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