Riot Blockchain, Inc. replaced its CEO in September after the SEC charged him in connection with a fraudulent million pump and dump scheme. Now another person involved in that case, biotech billionaire Phillip Frost, has agreed to pay $5.5 million to settle the charges.
Back in September, biotech billionaire Phillip Frost and eight other individuals were charged by the SEC for a penny stock scheme deemed fraudulent. Frost was not at the core of the scheme, which involved buying up penny stocks and effectively pumping their value only to dump them at massive profits.
The SEC settlement also bars Honig from promoting penny stocks or trying to control the actions of a director or officer of a public company. The settlement doesn’t mean Honig cannot try to continue making money from prior investments.
Ladenburg chairman charged with fraud by SEC in penny stock scheme. and Exchange Commission for his involvement in a pump-and-dump, penny stock scheme.. led by Barry Honig manipulated the share price of the stock of three. investigation is completed and the facts of the case have been fully.
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Many, many thanks to Jonathan Bernstein for his excellent and insightful work in this space last week. I hope you all had a great holiday, and I’ll be back with the usual full-time blogging first.
SEC Pump & Dump Case leads to Barry Honig Banned from Penny Stocks – Microcap investor and promoter Barry C. Honig has agreed to be banned from the business of investing in and financing publicly traded small cap companies..
One method of regulating and restricting pump and dump manipulators is to target the category of stocks most often associated with this scheme. To that end, penny stocks have been the target of heightened enforcement efforts. In the United States, regulators have defined a penny stock as a security that must meet a number of specific standards.
7 things to know today and why parking just got easier at these 3 Simon Properties malls – Orlando business journal sec Pump & Dump Case leads to Barry Honig Banned from Penny stocks sec. nielsen resigns amid Border turmoil homeland security sec. nielsen Resigns Amid Border Turmoil – homeland security secretary kirstjen Nielsen has resigned.
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