{"id":3707,"date":"2016-03-25T00:00:00","date_gmt":"2016-03-25T05:00:00","guid":{"rendered":"https:\/\/stockbrokerfraudblog.blawgcloud.com\/2016\/03\/ny_broker_dealer_owner_charged"},"modified":"2016-03-25T00:00:00","modified_gmt":"2016-03-25T05:00:00","slug":"ny-broker-dealer-owner-charged","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ny-broker-dealer-owner-charged\/","title":{"rendered":"NY Broker \u2013Dealer Owner Charged in $17.2M Ponzi Scam"},"content":{"rendered":"<p>Guy Gentile, who owns a New York-based brokerage firm, is charged with fraudulently inflating two micro-cap stocks\u2019 prices before selling them to investors. His alleged actions purportedly allowed him to make $17.2M in gross trading proceeds.<\/p>\n<p>Gentile was indicted in federal court. He and co-conspirators Itamar Cohen and Michael Taxon, both Canadian stock promoters, are accused of buying Kentucky USA Energy Inc. and Raven Gold Corp. shares from 4\/07 to 6\/08 and then using misleading marketing collateral and manipulative trading to inflate the shares. Taxon and Cohen have already pleaded guilty to their involvement in the Ponzi scheme. Gentile, who is charged with securities fraud and conspiracy to commit <a href=\"https:\/\/www.stockbroker-fraud.com\">securities fraud<\/a>, could be facing twenty years in prison.<\/p>\n<p>Running a <a href=\"https:\/\/www.stockbroker-fraud.com\">Ponzi scam<\/a> is not the only way to get in trouble for it. Connecticut fund manager Marlon Quann has been ordered to surrender nearly $81M in profit for helping Thomas Petters run his $3.5B Ponzi scheme. The U.S. Securities and Exchange Commission said that Quann hid evidence of the fraud in part with $187M in \u201cround trip\u201d transactions.\u201d The SEC also sued Quan\u2019s Acorn Capital Group LLC, Stewardship Investment Advisors LLC, and ACG II LLC.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/ny-broker-dealer-owner-charged\/#more-3707\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Guy Gentile, who owns a New York-based brokerage firm, is charged with fraudulently inflating two micro-cap stocks\u2019 prices before selling them to investors. His alleged actions purportedly allowed him to make $17.2M in gross trading proceeds. Gentile was indicted in federal court. He and co-conspirators Itamar Cohen and Michael Taxon, both Canadian stock promoters, are [&hellip;]<\/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":[3773,3774,3792],"tags":[],"class_list":["post-3707","post","type-post","status-publish","format-standard","hentry","category-broker-fraud","category-broker-dealers","category-ponzi-scams"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NY Broker \u2013Dealer Owner Charged in $17.2M Ponzi Scam &#8212; Investor Lawyers Blog &#8212; March 25, 2016<\/title>\n<meta name=\"description\" content=\"Guy Gentile, who owns a New York-based brokerage firm, is charged with fraudulently inflating two micro-cap stocks\u2019 prices before selling them to &#8212; March 25, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/ny-broker-dealer-owner-charged\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"NY Broker \u2013Dealer Owner Charged in $17.2M Ponzi Scam &#8212; 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