Articles Tagged with SEC fraud

SEC Pump-and-Dump Scheme The Securities and Exchange Commission has charged ten individuals, named as “microcap fraudsters” in the SEC press release, for numerous market manipulation schemes that lead to the group profiting over $27 million in unlawful stock sales. The classic “pump and dump” scheme went on for years and involved well-known figures in the cryptocurrency and biotech field.

The Microcap Fraudsters

Of the ten individuals charged in this complex and manipulative scheme, three names stand out from the group. At the forefront of the microcap fraud is Barry Honig, who once served as one of the largest shareholders of the cryptocurrency company, Riot Blockchain. According to the SEC, Honig was the primary leader of the market manipulation scheme, bringing together the group of those charged and strategizing their elaborate fraudulent activities.

Jay-Z-to-testify-300x225A federal judge has ordered Jay-Z to testify as part of an SEC investigation. The rapper, whose real name is Shawn Carter, must testify next week relating to the decade old sale of his clothing brand.

Unanswered Subpoenas

Apparently, Jay-Z has failed to respond to two SEC subpoenas. The judge noted the SEC investigation has been delayed for 5 months because of his inaction. The ruling came just days after the SEC filed a request for an order seeking to enforce the subpoenas.