SEC sues penny stock lawyers Luis Carillo & Wade Huettel & others for pump and dumps

The SEC sued penny stock lawyers Luis Carillo and Wade Huettel along with a bunch of other people in a lawsuit filed today. Carillo & Huettel have served as the legal counsel and given opinion letters to make restricted stock free trading in dozes of huge pump and dump companies, including Aweseomepennystocks.com pumps such as NSRS, SNPK, and PRTN.

See the PumpsandDumps.com article on Carillo & Huettel (the firm) shutting its doors. I wonder if this lawsuit might make other crooked penny stock lawyers think twice about abetting stock fraud. Only time will tell.

SEC ligitation release
SEC Legal complaint (PDF)

From the litigation release:

The SEC alleges that San Diego-based attorneys Luis Carrillo and Wade Huettel were central participants in the scheme who helped the promoters conceal their ownership interests in the companies, drafted misleading public filings, and provided misleading legal opinions. As part of the scheme, their law firm, Carrillo Huettel LLP, secretly received proceeds of stock sales in the form of a sham “loan.”

 

Also sued were the Kirks and their company Skymark Research, who have been sued before. The companies involved in the pumps were also named: Pacific Blue Energy (PBEC) and Trade Show Marketing Company (TSHO):

According to the SEC’s complaint, Canadian stock promoters John Kirk, Benjamin Kirk, Dylan Boyle, James Hinton, and their associates, used false and misleading promotions to pump up trading in the stock of the two microcap companies and made millions when they secretly dumped their own shares. Microcap companies typically have limited assets and low-priced stock that trades in low volumes. The SEC alleges that the promoters sent investors false and misleading emails about the companies through two websites they controlled, Skymark Research and Emerging Stock Report, and used “boiler room” sales calls to tout the stocks, falsely claiming that the recommendations were based on independent research by Skymark and Emerging Stock Report.

 

Disclaimer: I have no position in any stock mentioned above and no relationship with any parties mentioned above. This blog has a terms of use that is incorporated by reference into this post; you can find all my disclaimers and disclosures there as well.

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