The Securities and Exchange Commission today suspended trading in 17 microcap stocks because of questions about the adequacy and accuracy of publicly available information about the companies, which trade in the over-the-counter (OTC) market. […] “They may be called ‘penny stocks,’ but victims of microcap fraud can suffer devastating losses,” said Robert Khuzami , Director […]
Joseph P. Fox, president of Telogenesis Inc. of Miami Beach, was charged with Grand Theft and Organized Scheme to Defraud in his sale of Telogenesis stock. Beginning in 2007, Fox sold Telogenesis stock for $1,000 a share to at least 59 investors. All in all, he gathered $380,000 in the scheme and used most of […]
An Edmond broker found to have committed “egregious” violations of short selling rules must pay a $900,000 fine and is banned from the securities industry. The Oklahoma Department of Securities has banned Mark Alan Uselton, of Edmond, and Legacy Trading Co., a former registered broker-dealer operating from Edmond, from registering under the Oklahoma Uniform Securities […]
* Judge had ordered Conaway to pay $10.2 million * Settlement would end Conaway’s appeal NEW YORK, Nov 10 (Reuters) – Charles Conaway, a former chief executive of Kmart Corp, agreed to pay $5.5 million to end a U.S. Securities and Exchange Commission lawsuit accusing him of misleading shareholders about the retailer’s prospects prior to […]
Robert Stinson Jr. has been arrested on allegations that he defrauded 260 investors of $17 million in a Philadelphia Ponzi scheme that was halted in June by the Securities and Exchange Commission. Stinson, 55, was arrested this morning, the U.S. Attorney’s office in Philadelphia said. In a 21-count grand jury indictment, unsealed today, prosecutors alleged […]
