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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 for their role in the pump-and-dump scheme, according to U.S. Attorney Paul Fishman. Gentile and his accomplices purchased shares of Raven Gold Corp. and Kentucky USA Energy Inc. between April 2007 and June 2008. They then inflated the shares through manipulative trading and misleading promotional materials, said Fishman. Gentile, who lives in Putnam Valley, New York, owns a broker-dealer in Carmel, New York, according to the indictment. He has been charged with securities fraud, which has a maximum prison sentence of twenty years, as well as conspiracy to commit securities fraud in connection to the pump-and-dump scheme. If you or someone you [...]

By |March 24th, 2016|Fraud, Press Releases & News|
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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 people at large brokerage firms and stated that Avra was "going to double in the next few days." "Scammers keep up with the times. If you are using a messaging app and receive a tout claiming that a stock is poised for explosive growth, don't respond—just delete," said Gerri Walsh, FINRA's Senior Vice President for Investor Education. Scams such as these are simply variations on the classic pump-and-dump scheme, where people spam potential investors to tout a particular stock. In this particular case, they use the mass message feature of messaging apps. The subsequent purchases of the stock will pump up the price, until the [...]

By |September 3rd, 2015|FINRA, Press Releases & News|
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