Disbarred Lawyer Wrote Fake Microcap Opinion Letters, Feds Say

A disbarred New York attorney and a Florida lawyer filed false legal opinion letters that fraudulently enabled the sale of millions of shares of microcap stock to investors, the SEC and DOJ told a federal court in Manhattan Wednesday.

Richard J. Rubin engaged in a scheme to submit at least 128 fake letters to the Securities and Exchange Commission despite being disbarred, the agency says in a complaint filed in the U.S. District Court for the Southern District of New York.

Thomas J. Craft “merely served as a ‘rubber stamp’ on” some of the letters, the Justice Department says in ...