The Securities and Exchange Commission has filed civil fraud charges against two Massachusetts men and a California lawyer saying they falsely hyped a stock in a company called CitySide Tickets Inc. They touted the company as a ticket reseller that would be a good target for takeover by Ticketmaster.
The Boston-based stock promoters, Coleman Flaherty of Hingham and Thomas Brazil of Topsfield, were charged by the US Attorney with conspiracy, securities fraud, and wire fraud. The third man, attorney Richard Weed of Newport Beach, Calif., was charged with the same thing.
The men apparently raised over $3 million which the SEC wants returned plus interest and penalties.
Jeffrey Newman represents whistleblowers