Thursday, November 19, 2015

SEC News - Pump-and-Dump, False Claims, and Whistleblower Award


SEC Charges Pump-and-Dump in Marley Coffee Stock
Seal of the U.S. Securities and Exchange Commi...Fraud charges have been announced against several alleged perpetrators behind a $78 million pump-and-dump scheme involving the stock of Jammin’ Java, a company that operates as Marley Coffee and uses trademarks of late reggae artist Bob Marley to sell coffee products.

Mutual Fund Adviser Advertised False Performance Claims
A Hartford, Conn.-based investment management firm agreed to pay $16.5 million to settle charges that it misled mutual fund investors and others with advertisements containing false historical performance data about AlphaSector, a major exchange-traded fund (ETF) portfolio strategy.

SEC Announces Whistleblower Award of More Than $325,000
The SEC announced a whistleblower award totaling more than $325,000 for a former investment firm employee who tipped the agency with specific information that enabled enforcement staff to open an investigation and uncover the extent of the fraudulent activity.

More Alleged Identified Corrupt Brokers in Stock Manipulation Case
The SEC has identified three additional individuals to charge in a penny stock manipulation case the agency filed last year against alleged corrupt brokers and others.

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