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Broker Accused Of Pump-And-Dump Scheme

Guy Gentile of Putnam Valley, New York allegedly ran a $17 million pump-and-dump stock scheme. Gentile faces federal counts of securities fraud and conspiracy to commit securities fraud. He was indicted late last month, according to U.S. Attorney Paul J. Fishman. The SEC filed a civil suit against Gentile late last month, as well. Gentile's alleged scam actually involved two different schemes from April 2007 to June 2008, according to the SEC. Gentile is no longer a registered representative but was most recently registered with Stock USA Execution Services, Inc. in Carmel, New York. According to the U.S. Attorney's office, Gentile and two Canadian stock promoters, Itamar Cohen and Michael Taxon, artificially inflated the stock price of two publicly traded companies, Raven Gold Corporation and Kentucky USA Energy Inc. Gentile, Cohen, and Taxon, gained control over a large portion of Raven Gold's and Kentucky USA Energy's free trading shares, according to the SEC. The three allegedly then used manipulative trading [...]

By |April 20th, 2016|Fraud, Press Releases & News, SEC|
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Former Oxford City Football Club Director Pleads Guilty To Fraud

Thomas A. Guerriero of Hillsboro Beach, Florida pleaded guilty to running a $6.6 million telemarketing and investment fraud conspiracy. Guerriero was formerly the director of the Oxford City Football Club, a minor league soccer team based in the university town northwest of London, England. He resigned just before he was indicted on federal charges in December. Guerriero pleaded guilty to one count of conspiring to commit mail and wire fraud in federal court in Miami. The maximum penalty for the offense is twenty years in federal prison. He has agreed to pay $6.6 million in restitution and forfeit homes he owns on the Hillsboro Mile, in Boca Raton and Deerfield Beach as part of his plea agreement. Prosecutors are expected to dismiss the other charges, including witness-tampering and obstruction of justice, after U.S. District Judge Beth Bloom sentences him on May 13. According to prosecutors, Guerriero threatened witnesses and their children and pressured some victims to change their stories. He also [...]

By |March 1st, 2016|Fraud, Press Releases & News, SEC|
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Adviser Loses Job Following Weekend Client Raid

An arbitration has been filed accusing Oppenheimer & Co. of overstepping its bounds during a three day weekend earlier in the summer during which it mounted a massive client raid. Industry experts claim that this is fairly common. However, details of the raids rarely become public, at least in part because of an industry agreement designed to reduce litigation that regulates broker job-hopping. The details in this matter, however, are quite telling. On the Friday before Memorial Day, Steven Savoy, at the time an investment adviser with Euro Pacific Capital, wrote a brief note to his CEO stating that he was resigning, effective immediately. Euro Pacific contends that this note was sent from inside an Oppenheimer officer in Saddle Brook, New Jersey, initiating a plan that had been in the works for weeks. Euro Pacific further claims that Savoy had left with confidential client lists that he and his new boss used to contact numerous people over the holiday weekend. Letters [...]

By |September 21st, 2015|FINRA, Press Releases & News|
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New York Global Group CEO Charged With Securities Fraud

Benjamin Wey, a well-known Wall Street financier who assisted many Chinese companies in accessing U.S. markets through reverse mergers, was arrested this week and charged with altering the companies' shares to allegedly earn himself tens of millions of dollars in illicit gains. Wey, the CEO of New York Global Group, now has criminal and civil cases against him. They represent the highest profile cases yet as the government tries to put its foot down during a mass of alleged accounting fraud and other illegalities by small Chinese companies that have gone public in the United States. Allegedly, Wey covertly controlled large portions of the shares of the companies for which he orchestrated reverse mergers and inflated the companies' stock prices while selling the shares he controlled at artificially high levels, according to the Manhattan federal court indictment. The SEC has also brought a civil action against him. According to Manhattan U.S. Attorney Preet Bharara, “Ben Wey fashioned himself a master of industry, but [...]

By |September 11th, 2015|Fraud, Press Releases & News, SEC|
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