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N.Y. Man Indicted in $17M Pump-And-Dump Scheme

March 24, 2016, 4:00 AM

The owner of a New York broker-dealer was criminally charged with fraudulently inflating the price of two micro-cap stocks before selling them to investors, generating $17.2 million in gross trading proceeds. (United States v. Gentile).

Guy Gentile was indicted in the U.S. District Court for the District of New Jersey, where two Canadian stock promoters, Itamar Cohen and Michael Taxon, pleaded guilty last year to their role in the scheme, according to a statement by U.S. Attorney Paul Fishman 10 WCR 446, 6/12/15, 47 SRLR 1136, 6/8/15, 105 SLD, 6/2/15.

Gentile and his co-conspirators bought shares of ...

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