{"id":1419,"date":"2014-03-20T21:20:19","date_gmt":"2014-03-20T21:20:19","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/03\/sec_fraud_charges_filed_in_19m"},"modified":"2014-03-20T21:20:19","modified_gmt":"2014-03-20T21:20:19","slug":"sec-fraud-charges-filed-in-19m","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-fraud-charges-filed-in-19m\/","title":{"rendered":"SEC Fraud Charges Filed in $1.9M Microcap Stock Scalping Scam"},"content":{"rendered":"

\t\t\t\tThe Securities and Exchange Commission has filed securities fraud <\/a>charges against the promoter behind affiliated microcap stock promotion websites. The regulator us accusing John Babikian of using PennyStocksUniverse.com and AwesomePennyStocks.com to engage in “scalping” which is a type of securities fraud. The SEC has also obtained an emergency asset freeze.<\/p>\n

According to the Commission, the websites, knowing collectively as “ABS,” sent out e-mails to about 700,000 people on February 23, 2012 and recommended that they invest in America West Resources Inc. (AWSRQ), which is a penny stock. However, the e-mails did not disclose that Babikian was the holder of over 1.4 million of the stock shares, which he had positioned and was going to sell right away via a Swiss bank. <\/p>\n

Because of the emails, there was a huge increase in the share price of America West’s stock and trading value. Babikian used this to get rid of the stock during the last 90 minutes of the trading day and raked in over $1.9M. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission has filed securities fraud charges against the promoter behind affiliated microcap stock promotion websites. The regulator us accusing John Babikian of using PennyStocksUniverse.com and AwesomePennyStocks.com to engage in “scalping” which is a type of securities fraud. The SEC has also obtained an emergency asset freeze. According to the Commission, the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3760],"tags":[],"class_list":["post-1419","post","type-post","status-publish","format-standard","hentry","category-sec-enforcement"],"yoast_head":"\nSEC Fraud Charges Filed in $1.9M Microcap Stock Scalping Scam — Investor Lawyers Blog — March 20, 2014<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission has filed securities fraud charges against the promoter behind affiliated microcap stock promotion websites. 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