November 17, 2014- Anthony Thompson of Bethesda, Maryland , Jay Fung of Delray Beach, FL, and Eric Van Nguyen of Canada were charged by the SEC for operating pump and dump schemes involving stocks they were promoting in their purported independent newsletters.
The SEC says the three operated in concert to obtain large positions in micro-cap stocks, hyped the stocks in supposedly independent newsletters , then after the stock price rose, dumped their low priced positions on the market they had falsely created.
The penny stocks they promoted were:
- Blast Applications
- Smart Holdings
- Blue Gem Enterprises
- Lyric Jeans
- Mass Hysteria Entertainment Company
The newsletters used to promote the stocks include:
Thompson’s wife Kendall Thompson and John Babikian were named as relief defendants for purposes of recovering money in their possession from the schemes.
In September 2014, the Manhattan District Attorney indicted 8 people, including Thompson, Fung and Van Nguyen claiming they profited by more than $8 million operating the scheme.
Rex Securities Law , located in Boca Raton, FL, provides nationwide representation to who are 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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