Action against Defendants, an attorney and a businessman, for their alleged participation in a “pump and dump” scheme. The SEC alleges that Defendants acquired penny stock shares, launched a marketing campaign to boost the stock’s liquidity and price, and then sold the shares.  Defendants have agreed to lifetime bars from participating in penny stock offerings and will pay disgorgement, interest, and civil penalties in amounts to be determined by the court. Parallel criminal charges have been announced against both Defendants.

SEC Litigation Release