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TMFBent (99.85)

SEC Nails CAPS's Favorite Mail-Order Pump 'n' Dumper

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February 12, 2009 – Comments (2)

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.

2 Comments – Post Your Own

#1) On February 12, 2009 at 5:24 PM, TMFBent (99.85) wrote:

And this looks like a pretty successful scam. Sayeth the SEC:

Georgiou's total ill-gotten gains from his stock purchases in, and cash withdrawals from, the fraudulently obtained margin accounts was at least $17.1 million.

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#2) On February 24, 2009 at 1:43 AM, Kialo (< 20) wrote:

Amazing... who are these people that respond to mailers like that?

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