Pawel Dynkowski, 24, of Newark, Delaware, is accused of carrying out the scheme with people he met through a penny stock Web site called InvestorsHub.com, operated by Matthew Brown, 26, of Aliso Viejo, California, according to the SEC complaint filed yesterday in federal court in Wilmington, Delaware. The group timed manipulative trading to coincide with false and misleading press releases purportedly issued by the companies to âhype the stock,â the SEC said in its statement.
In addition to Brown and Dynkowski, those sued by the SEC are Jacob Canceli, 50, of Mission Viejo, California; Gerard J. DâAmaro, 38, of Pompano Beach, Florida; Joseph Mangiapane Jr., 43, of Laguna Niguel, California; and Marc J. Riviello, 50, of Redwood City, California.