Action against thirteen individuals for their alleged involvement in two Long Island-based cold calling scams that led to $10 million in investor losses.  The SEC alleges that Defendants used boiler room-style call centers to make cold calls that included deceitful and threatening sales techniques to pressure victims into purchasing penny stocks.  According to the SEC, many of the alleged victims were senior citizens.  The SEC alleges that once the victims placed trades, Defendants would place opposing sell orders to dump their own shares, leading to more than $14 million in illegal proceeds.

SEC Litigation Release

SEC Press Release