Category Archive: SEC actions

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 …

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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 …

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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 …

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Aug 05

The market for penny stocks is rarely efficient: Jet.com vs Jetcom

With the news that Wal-Mart is looking to buy Jet.com coming out two days ago, some geniuses looked to buy Jet.com to profit from the potential buyout. The problem is that Jet.com is not publicly traded anywhere. However, they found Jetcom, which is publicly traded on the grey market OTC (so no bids or offers …

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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 …

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Jun 16

Cantabio Pharmaceuticals $CTBO promoted on purported Alzheimer’s cure

A recent low-volume landing page pump and dump is of Cantabio Pharmaceuticals. See landing page here: http://biosciencereport.com/ctbo/main/ctv1.php Disclosed budget: $150,000 per week Promoter:  Biosciencereport.com / KyIne Ltd Paying party:  Ikon Media Shares outstanding: 26,805,270 Previous closing price: $2.27 Market capitalization: $60 million Disclaimer (emphasis added by me): IMPORTANT NOTICE AND DISCLAIMER: This stock profile should be viewed …

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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 …

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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 …

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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 …

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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 …

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