The SEC charged the former CEO and president of a Nasdaq-traded security technology company and three other individuals in a fraudulent broker bribery scheme. The DOJ filed charges against one of the individuals in a parallel action.
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The former president of a penny stock company consented to a permanent ban from serving as a public company officer. The SEC alleged that he made misrepresentations in an attempt to pump up the value of his company's stock.
The SEC called on exchanges and market participants to submit "innovative" proposals intended to improve the secondary market structure for exchange-listed equity securities traded in low volumes.
SEC Chair Jay Clayton articulated narrowly focused regulatory goals for inclusion in the federal government's Unified Agenda.
The SEC announced the latest charges in a series of cases involving microcap companies, officers and promoters arising out of a joint law enforcement investigation to unearth penny stock schemes. The SEC charged five penny stock promoters with conducting various manipulation schemes involving undisclosed payments to induce purchases of a microcap stock to generate the false appearance of market interest. See: SEC Complaint - Altomare ; SEC Complaint - Berkowitz ; SEC Complaint - Brown ; SEC Complaint - McKnight and Bauer ; SEC Complaint - Urban AG and Ray and Clark . Related news: FINRA Brings