{"id":1454,"date":"2014-05-27T13:09:04","date_gmt":"2014-05-27T13:09:04","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/05\/sec_files_charges_in_numerous"},"modified":"2022-03-11T10:18:34","modified_gmt":"2022-03-11T16:18:34","slug":"sec-files-charges-in-numerous","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-files-charges-in-numerous\/","title":{"rendered":"SEC Files Charges in Penny Stock Scams"},"content":{"rendered":"

\t\t\t\tThe U.S. Securities and Exchange Commission has filed charges in a number of penny stock scams<\/a> involving microcap companies, promoters, and officers. As of March 22, the regulator had charged 25 companies and 48 individuals in probes that originated out of its regional office in Miami. The agency has been working with the Federal Bureau of Investigation and the U.S. Attorney’s Office for the Southern District of Florida to expose the financial fraud. Many of those charged by the SEC are also contending with criminal charges. <\/p>\n

Two of those facing SEC charges are stock promoters Stephen C. Bauer and Kevin McKnight of Boca Raton. They are accused of market manipulation fraud involving Environmental Infrastructure Holdings Corp.’s (EIHC) penny stock. According to the regulator, they made it seem as if there was market interest EIHC to get investors to buy the stock, which artificially raised trading volume and price.<\/p>\n

Also named in an SEC complaint is Richard A. Altmare from Boca Raton for market manipulation involving Sunset Brands Inc. (SSBN) stock. In an unrelated penny stock case, the SEC is charging Jeffrey M. Berkowitz, who is from Jupiter, Florida with participating in a market manipulation scheme, this one over Face Up Entertainment Group (FUEG) stock.<\/p>\n

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

The U.S. Securities and Exchange Commission has filed charges in a number of penny stock scams involving microcap companies, promoters, and officers. As of March 22, the regulator had charged 25 companies and 48 individuals in probes that originated out of its regional office in Miami. 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