A stock research firm and five men associated with it face SEC allegations of running a pump-and-dump scheme that earned them $3.3 million and cost investors $2.5 million.
The group manipulated the market price and trading volume of First Choice Healthcare Solutions Inc. from 2013 to 2016, according to a Nov. 15 Securities and Exchange Commission complaint. Four of the individuals, with help from FCHS’s CEO, allegedly purchased FCHS stock and then hired Elite Stock Research Inc. to promote it.
The group manipulated trading in FCHS stock to artificially inflate the price and trade volume, making the stock seem ...
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