November 6, 2014- The SEC charged Newport Beach, CA attorney Richard Weed and Thomas Brazil of Topsfield, MA and Coleman Flaherty of Hingham, MA with securities fraud in a pump and dump scheme involving CitySide Tickets, Inc.
According to the SEC press release, Weed created backdated promissory notes and authored false legal opinions enabling Brazil and Flaherty to millions of shares of CitySide stock. After a blitz of false and misleading promotional materials the price of the stock was pumped up at which time Brazil and Flaherty dumped their stock reaping $3 million in profits.
Just this week, FINRA and the SEC issued an investor alert warning investors to be wary of low priced penny stocks used by fraudsters in pump and dump schemes.
Investors who purchased CitySide Tickets on the recommendation of a stockbroker may be able to collect damages. Contact us for information.
Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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