SEC Nails CAPS's Favorite Mail-Order Pump 'n' Dumper
Remember Hyrdogen Hybrid Technologies? I blogged about it here and here.
Then you'll love this.
The complaint alleges that Georgiou's manipulation of Hydrogen Hybrid Technologies was in the nature of a pump and dump scheme, in which Georgiou arranged and paid for the publication of a promotional mailer sent to seven million addresses across the U.S. Georgiou coordinated manipulative trading with the publication of the mailer, and ultimately received more than $3.8 million when he dumped his shares into the artificially inflated market. The complaint also alleges that part of Georgiou's manipulation of Northern Ethanol stock involved the payment of an illegal kickback to a person Georgiou believed was a corrupt registered representative, but who was in reality an undercover FBI agent.
Check out the whole complaint. Makes for some great reading.