| To: straight-->arrow who wrote (116415) | 5/24/2013 3:37:40 PM | | From: StockDung | | | | wow Kenneth Yellin who is in Fuse Science filing and was charged with Securities fraud currently is under a criminal investigation into kickbacks also
Probe Into NIR Group Expanded [ View article]
@equitytrader
That's a good question why WSJ is doing it now. Here is what I found:
Former Senior analyst Daryl Dworkin and Former Vice President of the NIR Group team Kenneth D. Yellin are the subject of an ongoing criminal probe sources close to the matter say.
Federal Prosecutors have uncovered what is believed to be a kickback scheme that Dworkin and Yellin had going for several years. The sources say that the Wall Street Journal has incorrectly reported the potential charges and scope of the investigation.
Dworkin and Yellin both highly paid executives while at NIR have reportedly pocketed an indeterminate amount of cash and lavish gifts.
According to several key witnesses in the investigation, former employees and others who have been spoken to by prosecutors and the FBI say founder Corey Ribotsky was not aware of the kickback scheme and did not take part in it.
While NIR has been the subject of an ongoing probe into numerous accusations, no wrongdoing has been found and no charges have been filed.
Sources close to the investigation say Mr Ribotsky himself voluntarily went in to speak to regulators and prosecutors in an effort to show there was no wrong doing on his part or his firm.
The Wall Street Journal incorrectly states as well that independent valuations for the firm's PIPE investment funds have not been completely. We have learned that valuations for these investments have been completed and received.
Belive it or not, it starts to become interesting here.
Mar 3 12:18 PM | 0 Likes |
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| To: straight-->arrow who wrote (116415) | 5/24/2013 3:48:09 PM | | From: StockDung | | | | So Straight. Name the CRIMMs in Fuse Science SEC filings.
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SEC Charges Four Penny Stock Purchasers with Fraud
FOR IMMEDIATE RELEASE
2012-278
Washington, D.C., Dec. 21, 2012 — The Securities and Exchange Commission today charged four securities industry professionals with conducting a fraudulent penny stock scheme in which they illegally acquired more than one billion unregistered shares in microcap companies at deep discounts and then dumped them on the market for approximately $17 million in illicit profits while claiming bogus exemptions from the federal securities laws.
Additional Materials
SEC Complaint
The SEC alleges that Danny Garber, Michael Manis, Kenneth Yellin, and Jordan Feinstein acquired shares at about 30 to 60 percent off the market price by misrepresenting to the penny stock companies that they intended to hold the shares for investment purposes rather than immediately re-selling them. Instead, they immediately sold the shares without registering them by purporting to rely on an exemption for transactions that are in compliance with certain types of state law exemptions. However, no such state law exemptions were applicable to their transactions. To create the appearance that the claimed exemption was valid, they created virtual corporate presences in Minnesota, Texas, and Delaware. The SEC also charged 12 entities that they operated in connection with the scheme.
According to the SEC’s complaint filed in federal court in Manhattan, Garber, Manis, Yellin, and Feinstein all live in the New York/New Jersey area and operated the scheme from 2007 to 2010. They each have previously worked in the securities industry either as registered representatives or providers of investment management or financial advisory services.
“These penny stock purchasers had enough securities industry experience to know that their penny stock trading was not exempt from the securities laws as they claimed,” said Andrew M. Calamari, Director of the SEC’s New York Regional Office. “They repeatedly violated the registration provisions and in the process also committed securities fraud. We will continue to fight microcap stock abuses that result in the unregistered distribution of shares without vital information about those companies being known to investors.”
The SEC’s complaint alleges that Garber, Manis, Yellin, Feinstein and the named entities violated Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933; Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. The SEC’s complaint seeks a final judgment, among other things, ordering all of the defendants to pay disgorgement, prejudgment interest and financial penalties; permanently enjoining all the defendants from future violations of the securities laws; and permanently enjoining all the defendants from participating in penny stock offerings.
The SEC’s investigation, which is continuing, has been conducted by Michael Paley, Laura Yeu, Elzbieta Wraga, Haimavathi Marlier, Yitzchok Klug and Paul Gizzi of the New York Regional Office. Mr. Gizzi and Ms. Marlier will lead the SEC’s litigation.
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sec.gov |
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| From: StockDung | 5/25/2013 10:04:06 AM | | | | | | You can still discuss your investments with serial fraudster Geoffrey Eiten otcgsw.com
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