The Securities and Exchange Commission’s fraud case against two individuals and the business they control will proceed in a suit that more broadly takes aim at parties allegedly involved in a multi-million dollar pump-and-dump scheme.
Robert and Linda Malin, who control Blue Citi LLC, must face allegations related to their role in a plot to use and then dump penny stocks after artificially inflating their trade volume and paying kickbacks to co-defendant Philip Verges.
The Malins’ bid to toss the claims against them was rejected on Feb. 9 by Judge Sidney Fitzwater of the US District Court for the Northern ...
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