14 Indicted in Multistate Pump-and-Dump Scheme
A pump-and-dump sting that stretched from New York to San Diego netted 14 in connection with an alleged $147 million stock manipulation scheme, the Eastern District U.S. Attorney's Office announced Wednesday.
July 12, 2017 at 04:06 PM
2 minute read
A pump-and-dump sting that stretched from New York to San Diego netted 14 in connection with an alleged $147 million stock manipulation scheme, the Eastern District U.S. Attorney's Office announced Wednesday.
The charges include conspiracy to commit securities fraud, conspiracy to commit wire fraud, conspiracy to commit money laundering, and substantive securities fraud in connection with the stock manipulation.
Prosecutors allege the group artificially controlled shares in at least five publicly traded companies by concealing their control of shares held in brokerage accounts under other people's names. Insiders at the companies would provide below-market stocks to defendants that operated a Melville-based boiler room.
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