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A Manipulated Stock Price

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. According to the complaint, the defendants defrauded investors from at least July 2006 through September 2006.  The complaint states that they acted through a brokerage [...]

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. According to the complaint, the defendants defrauded investors from at least July 2006 through September 2006.  The complaint states that they acted through a brokerage account controlled by Excellency that artificially increased the price of the stock.  

The complaint alleges that Mladen purchased Excellency stock in small quantities at progressively higher prices and executed wash or match trades in order to create the appearance of an active market for Excellency shares. Mladen’s trading activity systematically manipulated the stock price of Excellency, causing it to increase from $8 per share to $24.35 per share.

The CEO of Excellency was willing to risk everything, including his company and his name, to make money.  Mladen has been in business for over 25 years, employing both his wife and his son in law, but that didn’t stop him from defrauding his clients. As the economy continues to decline, that will be the name of the game—making money at any cost.  If you’re a senior citizen or a baby boomer, don’t make the mistake of investing your money with a manipulative broker. Get a full report card on your broker, before it’s too late.

 

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