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News and Alerts

11/03/2014

SEC Charges Two Canadian Citizens With Penny Stock Fraud Involving Tennessee Coal Mining Company

The Securities and Exchange Commission today charged a pair of Canadian citizens with conducting an international microcap fraud scheme by stockpiling shares in a coal mining company and funding a multi-million dollar promotional campaign to hype the stock while simultaneously dumping their shares and routing the proceeds through offshore accounts.Read more

10/31/2014

SEC Announces Fraud Charges Against New York Businessman - Placement Agent Also Charged and Barred From Securities Industry

The Securities and Exchange Commission today announced securities fraud charges accusing a New York businessman and his software company of making false statements to investors while raising more than $3 million to fund operations.Read more

10/30/2014

Investor Alert: Dormant Shell Companies – How to Protect Your Portfolio from Fraud

FINRA and the SEC’s Office of Investor Education and Advocacy are issuing this alert to warn investors that some low-priced “penny” stocks that are aggressively promoted may in fact be stocks of dormant shell companies – companies that have no or nominal business operations or non-cash assets for an extended period of time. Many dormant shell companies that continue to trade in the over-the-counter (OTC) market are susceptible to market manipulation. This alert follows action by the SEC to suspend trading in 255 dormant shell companies in February 2014 and subsequent suspensions of other thinly traded penny stocks.Read more

10/30/2014

SEC and FINRA Warn Investors About Penny Stock Scams Hyping Dormant Shell Companies

The Securities and Exchange Commission’s Office of Investor Education and Advocacy and the Financial Industry Regulatory Authority (FINRA) today issued an alert warning investors that some penny stocks being aggressively promoted as great investment opportunities may in fact be stocks of dormant shell companies with little to no business operations.Read more

10/29/2014

SEC Announces Charges Against Investment Advisory Firm and Top Officials for Custody Rule Violations

The Securities and Exchange Commission today announced charges against an investment advisory firm and three top officials for violating the “custody rule” that requires firms to follow certain procedures when they control or have access to client money or securities.Read more