[ad_1]
WASHINGTON, Nov. 28 (Xinhua) – The US Securities and Exchange Commission (SEC) has accused a man of orchestrating a ploy to manipulate the trading of at least 97 microcap shares Wednesday announced the SEC.
The equity microcap, known as penny stock, applies to companies with a market capitalization of less than $ 250 million or $ 300 million, according to the SEC.
The SEC said that Eric Landis, a resident of Charlottesville, Va., Had performed thousands of manipulative manipulations over a three year period.
The SEC also accused Landis of having negotiated thousands of microcap shares on behalf of an entity he controlled and several thirds in order to generate a volume of transactions and to give a false impression of success in his business. activity.
In addition, according to the SEC, Landis claimed that tens of thousands of subscribers would receive its promotional materials for actions by email lists. However, such lists have also been falsified.
The SEC said that Landis and the entity it controlled violated the anti-fraud and market manipulation provisions of the federal securities laws.
"Microcap investors need to know that the market volume of a given stock can sometimes be driven by a single fraudulent actor, as alleged here," said Paul Levenson, director of the SEC's Boston Regional Office.
"Our in-depth badysis allowed us to detect thousands of manipulation operations performed by Landis," said Levenson.
According to the SEC, Landis had previously been convicted of criminal offenses based on his role in a prior market manipulation scheme.
Source link
