No investment is foolproof or risk free. Your investment advisor or stockbroker has a fiduciary duty to disclose all relevant facts so that you can make an informed decision. Deceptive financial schemes result in massive investment losses.
The following article highlights a sophisticated international scheme that exploits retail investors. It is manipulative and deceptive acts that undermine the integrity of our markets.
It is critical to investigate the company or broker through which you are investing with.
SEC Files Charges in International Manipulation Scheme
The Securities and Exchange Commission today charged four individuals for their roles in a fraudulent scheme that generated nearly $34 million from unlawful stock sales and caused significant harm to retail investors.
According to the SEC’s complaint, the defendants manipulated the market for and illegally sold the stock of microcap issuer Biozoom Inc. As part of the alleged scheme, the defendants hid their ownership and sales of Biozoom shares by using offshore bank accounts, sham legal documents, a network of nominees, anonymizing techniques, and other deceptive practices.
The defendants also allegedly directed a wide-ranging promotional campaign and employed sophisticated, manipulative trading techniques to artificially inflate Biozoom’s share price. The alleged scheme culminated in the defendants’ illegal sales of Biozoom, which netted them nearly $34 million in unlawful proceeds. Read the full article here
If you believe you have been a victim of securities fraud or investment fraud, please contact our Michigan Securities Law Firm at 313-334-7767. We have successfully represented hundreds of investors in stockbroker mediation, arbitration, and litigation claims. Take Action to Protect Your Rights! Call today for your free case evaluation.