SEC Uncovers $194 Million Penny Stock Schemes that Spanned Three Continents

Used to think that these things take too much time, (SEC is working too slow) but then, -

"We allege that the defendants in these actions orchestrated some of the most complex microcap stock fraud schemes ever charged by the SEC," said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. "By locating their operations overseas, using encrypted messaging and operating through a convoluted network of offshore accounts, the defendants hoped to avoid detection of the massive frauds we allege they perpetrated on US markets and investors. However, investigative teams from three SEC offices doggedly kept on their trail, working across borders, and ended this alleged global scheme."

An US Lithuanian in prosecutor list, nice. (My guess)
Ms. Zaleskas.
 
Classic pump & dump.

These fellows should have went to Journalism school. Then after
getting hired with MSNBC they could pump up stocks legally.

According to the complaints, once some of the defendants had amassed a significant majority of the shares of the stocks, certain defendants secretly funded promotional campaigns to promote the stocks to unsuspecting investors in the United States and elsewhere. As alleged, when those campaigns triggered increases in the demand for and price of the stocks, some of the defendants sold the stocks via trading platforms in Asia, Europe and the Caribbean for significant profits.
More...
https://www.sec.gov/news/press-release/2022-62
 
I find this laughable they had to look so hard to find corruption, muchless veer off into penny stocks to find anything significant. Gotta wonder who gave them up and why.
 
mikeriley said:
Then after
getting hired with MSNBC they could pump up stocks legally.
More...
I know talented people who early on were into illegal scams At a point in their lives they decided to become legal and ended up making umpteenth amounts from legal activities. One of them ended up doing very well at a blue chip wall street firm. America is the land of opportunity, although there is currently a large group of people who are working to limit opportunity in the US.
 
Last edited:
zdreg said:
there is currently a large group of people who are working to limit opportunity in the US.
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zbcvd.jpg
 
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