Category Archive: Fraud

Dec 02

Dan & Carol Get busted!

Here is a nice investigation into the former stock promoters Dan Ryan, Carol McKeown, Eric Van Nguyen, and money man Tony Papa. Keep in mind that Dan and Carol, while coming off as sympathetic figures, ran a stock promotion business and are alleged to have violated US laws. Before the SEC sued them I alleged …

Continue reading »

Sep 06

Trading in promoted stock Preston Corp $PSNP suspended by SEC

Friday morning the SEC suspended trading in Preston Corporation (PSNP) which had just been promoted by OTCMagic.com the prior evening. The reason given by the SEC: The Commission temporarily suspended trading in the securities of PSNP because of questions regarding the adequacy and accuracy of available information about Preston Corp. in light of a false statement about …

Continue reading »

Aug 26

Trading in promoted stock MarilynJean Interactive $MJMI suspended by SEC

This morning the SEC suspended trading in MarilynJean Interactive (MJMI), which had recently been promoted by websites connected to the former Awesomepennystocks.com. The reason for the suspension was: The Commission temporarily suspended trading in the securities of MJMI because of recent, unusual and unexplained market activity in the company’s stock taking place during a suspicious …

Continue reading »

Jul 09

Samuel DelPresto and how to run big pumps and dumps

I never got around to blogging about this but did follow the case closely and had uploaded the plea agreement and indictment in this case. A good summary of the case is here. So here are the links: Samuel DelPresto guilty plea agreement (PDF) From the plea agreement: If DELPRESTO enters a guilty plea and …

Continue reading »

Jul 08

Greg Mulholland: Penny stock manipulator extraordinaire, gone but not forgotten

This post is a few months late, but I have included a few more recent details at the bottom. See the DoJ press release from May 9th. From the press release: Between 2010 and 2014, Mulholland controlled a group of individuals (the Mulholland Group) who together devised three interrelated schemes to: (1) induce U.S. investors …

Continue reading »

Jun 17

Fake (or just dumb) tender offer PR leads to brief Freeseas $FREEF spike

Yesterday Havensight Capital LLC put out a press release announcing a tender offer for the shares of FreeSeas (FREEF), a distressed shipping company. For posterity the press release is quoted in full below. As of the writing of this post the PR has been removed from Yahoo Finance but is still on the OTCMarkets website. Havensight …

Continue reading »

May 25

SEC Obtains asset freeze of trader who filed false $IDT takeover filing

On April 12th Nauman A. Aly made an SC-13D SEC filing indicating that a group of investors had taken a 5.1% stake in IDT Corp (IDT) and was offering to take over the company at a 65% premium to the then-current stock price. Soon after, a revised filing showed that the group had sold a …

Continue reading »

May 20

SEC Suspends trading in NuTech Energy Resources (NERG) due to potentially fraudulent tender offer

Today the SEC suspended trading in NuTech Energy Resources (NERG): because of questions that have been raised about the accuracy and adequacy of information in the marketplace about the company’s operations and the company’s recent public announcements concerning an unsolicited tender offer. SEC trading suspension (PDF) SEC trading suspension order (PDF) When I first saw …

Continue reading »

May 09

Code Rebel $CDRB SEC suspension: Only 2nd ever SEC suspension of listed stock

On May 5th the SEC suspended trading in Code Rebel (CDRB) for two weeks. The stock will resume trading on May 20th on the grey market. Code Rebel had been promoted multiple times by stock promoters and was most recently promoted on May 2nd. The reason for the trading suspension as given by the SEC: The …

Continue reading »

May 09

And then there were none: SEC suspends trading in second consecutive Finest Penny Stock pump

Today marks the death of big paid stock promotions run by opt-in email stock promoters. The number and effectiveness of the big promoters had been declining for years, with numerous SEC trading suspensions, lawsuits against promoters, lawsuits against gatekeepers (brokers and lawyers), and criminal prosecutions. First went BestDamnPennystocks, then Awesomepennystocks, then StockTips. The number of lawsuits against lesser …

Continue reading »

Older posts «