ARNOLD F. SOCK, Attorney At Law Opines On: The Securities and Exchange Commission accusses Four Fraudsters For $34,000,000 Penny Stock Scheme
The U.S. Securities and Exchange Commission on Tuesday accused four individuals in New York federal court of perpetrating a $34 million penny stock scheme by making illegal trades on artificially inflated stock belonging to the microcap company Biozoom Inc., then allegedly covering it up with offshore bank accounts and sham legal documents.
Francisco Abellan Villena, Guillermo Ciupiak, James B. Panther Jr. and Faiyaz Dean sold restricted shares of Biozoom stock to the public and “laddered the price” up with excessive trades and a promotional campaign.
Pump and dump and other machinations regarding stock are just not acceptable and destroy the environmnet for legiitimate companies.
Opinion by ARNOLD F. SOCK, Attorney at Law