Archive for the ‘Pump and Dump’ Category

International Pump and Dump

Wednesday, August 20th, 2008

The SEC has charged GHL Technologies, Inc. of Bremerton, Washington, and its CEO, Gene Hew-Len with issuing false press releases designed to raise the price of GHL stock.  The Commission has also charged Francisco Abellan (known as “Frank Abel”) of Barcelona, Spain with coordinating the scheme.  The SEC claims that Abel sent glossy promotional mailers to more than 2 million Americans and sold more than $13 million in GHL stock to unsuspecting investors who bought GHL on the strength of the false press releases and the glossy brochures.  The SEC release states: (more…)

This is Scary

Thursday, August 14th, 2008

The SEC has charged a Russian resident with a scheme in which he “intruded” into the on-line brokerage accounts of unsuspecting U.S. investors and used those accounts to pump up the volume of stocks he was manipulating.  According the SEC: (more…)

Things are not as they appear

Wednesday, August 13th, 2008

From $.05 a share to $90 a share in just two months.  Not a bad ride for shareholders of Cameron International, Inc. - for those who got out in time, that is.  The SEC has explained the too-good-to-be-true share price rise in a press release issued this week.  According to the SEC: (more…)

SEC Deflates Another Pump and Dump

Friday, August 1st, 2008

The SEC has shut down another pump and dump scheme, charging Mobile Ready Entertainment Corp. (Mobile Ready) and its former co-chief executive officers Michael H. Magolnick (Magolnick) and Craig A. Mora with running the scheme.   According to the Commission: (more…)

SEC Stops Pump and Dump Scheme

Tuesday, July 22nd, 2008

Read the SEC’s press release about a Nevada pump and dump scheme.  The SEC shut the scheme down, but likely not before it cost several baby boomers a good portion of their life savings.  (more…)

Florida Pump and Dump

Tuesday, June 3rd, 2008

The Securities and Exchange Commission (SEC) has charged Florida-based Global Development & Environmental Resources, Inc., Darko S. Mrakuzic, Dante M. Panella, Anthony M. Cimini Sr., and Philip Prichard with securities fraud in connection with a pump and dump scheme. (more…)

Cubic Zirconium

Tuesday, April 15th, 2008

John Edwards and Urban Casavant ran CMKM Diamonds, Inc.  from January 2003 to May 2005, selling stock in the company to more than 40,000 people on the strength of press releases describing the company’s success uncovering a vast diamond field in Saskatchewan, Canada.  The Securities and Exchange Commission (SEC) says the entire operation was a scam:   (more…)

US Pair Accused of Scamming Elderly UK Residents Out of $70 Million

Monday, March 17th, 2008

Paul Robert Gunter, 58, and his daughter, Zibiah Joy Gunter, 25, have been charged with duping thousands of mainly elderly UK victims into investing more than $70 million in bogus corporations.  According to the complaint, the Gunter’s high jacked dormant shell companies, created a compelling story about each, and sold worthless stock in the companies through high pressure sales tactics to 15,000 elderly residents of the United Kingdom.  (more…)

SEC Deflates Pump and Dump

Saturday, February 9th, 2008

The Securities & Exchange Commission (SEC) has charged Robert J. Pratt (Pratt) of Lyndon, Washington, and Jeffrey A. Brommer (Brommer) of Jamestown, North Carolina and Pratt’s company, Strategic Management & Opportunity Corporation (SMPP), with a pump and dump scheme using SMPP stock. (more…)

Corporate Identity Theft is the Latest Twist on Pump and Dump Scams

Friday, December 28th, 2007 reported today on a trend in the scam industry.  Scam artists identify inactive corporations, forge documents to name themselves as “new directors” of the corporation, then commence their “pump and dump” scam with their stolen corporate identity. (more…)

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