Archive for the ‘Market Manipulation’ Category

SEC Nabs Market Manipulators

Wednesday, March 18th, 2009

The U.S. Securities and Exchange Commission has filed charges against Paul M. Gozzo and his company, PMG Capital, LLC, alleging that they manipulated the market in several micro-cap stocks.  Specifically: (more…)

SEC Charges Alleged Market Manipulator

Monday, February 16th, 2009

The U.S. Securities and Exchange Commission (”SEC”) has charged George Georgiou of Ontario, Canada with reaping over $17 million by manipulating the market for four microcap stocks - Avicena Group, Inc., Neutron Enterprises, Inc., Hydrogen Hybrid Technologies, Inc., and Northern Ethanol, Inc.  According to the SEC’s complaint, Georgiou had a controlling interest in each of the companies and exercised a controlling influence over the management of the companies.  The Commission also alleges that Georgiou had many off-shore nominees - called “rat holes” in the industry - who took his direction for when to buy and sell and in what amount.  The SEC claims that Georgiou created interest in the stocks through the use of trading in the nominee accounts, giving the false impression that their was great interest in the companies, coupled with the issuance of false press releases regarding supposed material positive events at the companies.  (more…)

A Manipulated Stock Price

Tuesday, October 21st, 2008

The Securities and Exchange Commission (SEC) filed a civil injunctive action against Excellency Investment Realty Trust, Inc and its CEO, David D. Mladen in connection with an alleged market manipulation scheme. (more…)

SEC and FBI Sting Market Manipulators

Wednesday, September 17th, 2008

The SEC has charged Bruce Grossman and Jonathan Curshen of New York with bribing stockbrokers to trade the stock of Industrial Biotechnology, Corp. (”IBOT”) to make it appear that there was broad interest in the stock.  The SEC’s press release describes the case as follows: (more…)