|6/12/2015 2:58:27 PM
|Disclosed budget: $1,200,000
Promoter: The Moskowitz Report / Charles Moskowitz / Tabius Sway Media Inc
Paying party: Chesh Medial Ltd.
Shares outstanding: 28,334,535
Previous closing price: $2.34
Market capitalization: $66 million
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|6/18/2015 7:08:24 PM
|Securities and Exchange Commission v. Norstra Energy Inc., Glen Landry and Eric Dany, Civil Action No. 15-cv-4751 (S.D.N.Y.)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 23290 / June 18, 2015 Securities and Exchange Commission v. Norstra Energy Inc., Glen Landry and Eric Dany, Civil Action No. 15-cv-4751 (S.D.N.Y.) SEC Charges Microcap Oil Company CEO and Stock Promoter with Defrauding Investors The Securities and Exchange Commission today charged a Texas-based oil company and its CEO with defrauding investors about reserve estimates and drilling plans, and charged the author of a stock-picking newsletter for his role in a fraudulent promotional campaign encouraging readers to buy the oil company's penny stock shares.
The SEC alleges that shortly after becoming Norstra Energy's CEO in March 2013, Glen Landry began making false and misleading claims about business prospects on Norstra's website as well as in press releases and SEC filings. Landry and Norstra Energy misled investors about the location of the company's property in order to make the wells appear more promising and twice disclosed an inaccurate date to begin drilling operations to make the potential for oil riches appear imminent.
The SEC's complaint filed in federal court in Manhattan alleges that promotional materials issued by Eric Dany falsely proclaimed that "Norstra Energy could be sitting on top of as much as 8.5 billion barrels of oil!" and said the planned wells had a 99 percent chance of profitability. After the exaggerated statements about its property and prospects caused Norstra Energy's stock price to increase nearly 600 percent in a three-month period, the SEC suspended trading in June 2013.
The SEC's complaint charges Norstra Energy, Landry, and Dany with fraud and seeks final judgments ordering permanent injunctions, return of allegedly ill-gotten gains with interest, and financial penalties. The SEC also seeks to bar Landry from serving as an officer or director of a public company or participating in a penny stock offering. For further information, please see Press Release Number 2015-126 (June 18, 2015).
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|To: StockDung who wrote (1497)
|2/19/2016 10:23:47 AM
|Tobin Smith Claims About IWEB: "In short: I cannot say it LOUD enough or STRONG ENOUGH: you SHOULD be buying shares of IceWeb (IWEB) NOW Under The .25-.30 per share valuation!"
- "NOW that you understand just a little about what's happening in the world of Cloud Storage and Big Data Analytics...and the impact on data storage from the petabytes of data they create...you understand ALL you need to know to make a damn FORTUNE from this under 25 cents stock/ tiny $20 million market cap company." [emphasis in original]
- "As a micro cap publicly traded company they have ZERO coverage by IT analysts on Wall Street--that is the story for most EVERY IT stock under $500 million market cap. But it's exactly this LACK of visibility that allow you and I to purchase shares NOW at a ground floor valuation JUST as their fundamentals are about to EXPLODE."
- "Look...I've been a tech nerd and research analyst for 20 years...and only a very FEW times have I found a company in the EXACT right place at the EXACT right time and the EXACT right value for me to make a 10X profit IN MY SLEEP over the next 9-12 months...MORE if they hold out for the next 18-24 months and wait for the REALLY ENORMOUS payday."
FINRA Bars Broker For Market Manipulation - Supervisor Barred From Supervising, Suspended And Fined - Additional Broker Sanctioned Date 19/02/2016
The Financial Industry Regulatory Authority (FINRA) announced today that it has barred broker George Johnson from the securities industry for engaging in a manipulative trading scheme to artificially inflate the market price and trading volume for the common stock of IceWEB, Inc. (OTCBB: IWEB). FINRA also sanctioned Christopher Wynne, Johnson's supervisor, suspending him for two years in all capacities, barring him in a principal capacity, and fining him $25,000. Joseph Mahalick, another broker who worked with Johnson and Wynne, was suspended for six months and fined $20,000 for falsifying firm records and has been barred from the securities industry in a separate action. Johnson, Wynne and Mahalick all worked for Meyers Associates L.P. in that firm's Chicago branch office during the time period of the misconduct.
FINRA found that over an eight-day period, Johnson manipulated the market for IWEB by recommending that certain of his customers buy at increasingly higher and artificially inflated prices while also recommending his other customers sell their shares, frequently matching trades between the customers. FINRA found that among Johnson's motives for manipulating the stock was the fact that he wanted to obtain business from the issuer for which he would anticipate receiving compensation in connection with a future private offering. Johnson coordinated a campaign with a stock promoter to attempt to increase the stock's share price to a level that would allow for the exercise of certain warrants.
Brad Bennett, FINRA's Executive Vice President and Chief of Enforcement, said, "Any broker engaging in manipulative activity poses a threat to market integrity and has no place in the securities industry. The branch office manager, who was the first line of defense in supervising George Johnson's activities, completely failed to supervise his transactions to ensure compliance with securities laws and FINRA rules."
FINRA also found that Johnson and Wynne sent customers IWEB sales materials that omitted information concerning material conflicts of interest and material risks concerning IWEB's business, and contained misleading, exaggerated and unwarranted information. Moreover, Johnson disclosed confidential information to potential purchasers concerning another offering.
In addition to the IWEB scheme, FINRA found that Johnson committed fraud by recommending that certain of his customers purchase shares of another penny stock without disclosing to them that he was liquidating his own personal positions of the security from his own brokerage accounts.
In addition, FINRA's investigation found that to cover up Johnson's violations of state securities registration requirements, Johnson, Mahalick and Wynne agreed to the practice of entering false information on more than 100 order memoranda, indicating that Wynne or Mahalick was responsible for the account or transactions, instead of Johnson.
In settling this matter, Johnson, Wynne and Mahalick neither admitted nor denied the charges, but consented to the entry of FINRA's findings.
Investors can obtain more information about, and the disciplinary record of, any FINRA-registered broker or brokerage firm by using FINRA's BrokerCheck. FINRA makes BrokerCheck available at no charge. In 2015, members of the public used this service to conduct 71 million reviews of broker or firm records. Investors can access BrokerCheck at www.finra.org/brokercheck or by calling (800) 289-9999. Investors may find copies of this disciplinary action as well as other disciplinary documents in FINRA's Disciplinary Actions Online database. Investors can also call FINRA's Securities Helpline for Seniors at (844) 57-HELPS for assistance or to raise concerns about issues they have with their brokerage accounts and investments.
FINRA, the Financial Industry Regulatory Authority, is the largest independent regulator for all securities firms doing business in the United States. FINRA is dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. FINRA touches virtually every aspect of the securities business – from registering and educating all industry participants to examining securities firms, writing rules, enforcing those rules and the federal securities laws, and informing and educating the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers the largest dispute resolution forum for investors and firms. For more information, please visit www.finra.org.
|RecommendKeepReplyMark as Last ReadRead Replies (1)
|To: scion who wrote (1578)
|2/19/2016 11:16:53 AM
|How do the Tobin Smith and Charles Payne of the world get away with their crimes that cost investors millions of dollars in their pump and dump schemes?
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