SEC: Meyers Associates, L.P. Ignored Pump-And-Dump Scheme
The SEC announced administrative proceedings against John D. Telfer, who worked for Meyers Associates, L.P. as the firm’s former anti-money laundering officer. The commission alleges that the firm failed to file Suspicious Activity Reports for $24.8 million worth of suspect transactions, which includes transactions in accounts controlled by Raymond H. Barton and William G. Goode […]
FINRA January 2017 Disciplinary Actions
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Promoter Pleads Guilty To Pump-And-Dump Scheme
Greg Mulholland, a penny-stock promoter, pleaded guilty to conspiring to manipulate stocks and laundering over $250 million in profits. Prosecutors are calling it one of the biggest pump-and-dump schemes of all time. A pump-and-dump scheme is the fraudulent practice of encouraging investors to buy shares in a company in order to inflate the price artificially […]
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. [su_spacer size=”10″]Gentile’s […]
BD Owner Indicted In Pump-And-Dump Scheme
Guy Gentile, the owner of a New York broker-dealer, has been charged with fraudulently inflating the price of two micro-cap stocks before selling them to investors, creating $17.2 million in gross trading proceeds. Gentile was indicted in federal court in Newark, New Jersey, where a pair of stock promoters from Canada pleaded guilty last year […]
FINRA Warns Investors About Messaging Apps
FINRA issued an investor alert yesterday, titled Messaging Apps Are Latest Platform for Delivering Pump-and-Dump Schemes. In the alert, FINRA cautions investors against stock promotions sent through increasingly popular messaging apps, including WhatsApp. Lately, users of WhatsApp were inundated with test messages promoting the stock of Avra, Inc. These text messages seemed to be sent from […]