Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

Penny Stock Fraud Case Leads to NY Guilty Plea by California Man

May 12, 2022, 8:57 PM

A California man pleaded guilty in Brooklyn, New York, to participating in a high-pressure sales scam to defraud investors by artificially inflating the price of a penny stock company, Odyssey Group International Inc.

Charlie Abujudeh, 49, told a federal judge on Thursday that he and at least three unidentified co-conspirators used a boiler room setup to sell stock over the phone to unwary investors. Abujudeh said he engaged in a years-long scheme “to promote, market and artificially inflate the price” of Odyssey shares, earning more than $250,000 from the scheme.

Odyssey, based in Nevada, is a medical product and health ...