In a world of clumsy insider trading and pump-and-dump schemes, it’s always interesting when professional money managers come up with a new way to defraud investors. This week brought SEC actions involving two spectacular scandals
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Once again, the SEC has issued charges against a penny stock pump-and-dump scheme. This time, 16 people with ties to various countries in the Caribbean as well as Bulgaria, Canada, Monaco, Spain, Turkey, and the United Kingdom have been accused of operating schemes that generated more than $194 million in illicit proceeds
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This week, the SEC filed charges against Melville ten Cate for making an elaborate but infeasible takeover bid for Textron (NYSE: TXT), the defense and aerospace giant, through a company that had no revenue or capital
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Toilet paper manufacturers weren’t the only beneficiaries in Covid’s early days. At Twilio, a few engineers noticed that customers were using the company’s communication services far more than before. They worked in the billing department, so they knew just how much higher revenue was going to be
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Although it may seem like all the pump and dump schemes moved on to crypto, there are still some old-school penny stock hustlers working the boiler rooms. The SEC charged a five-person, multi-national team with running a $58 million penny stock scam targeting US investors from a call center in Colombia
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