A California securities lawyer who the SEC previously barred from the industry helped fraudsters run an alleged $54 million pump-and-dump scheme, according to an indictment filed Feb. 28.
Kenneth G. Eade helped set up shell companies to hide stock ownership and provided opinion letters falsely clearing the stock for sale, according to the indictment the Justice Department filed in the U.S. District Court for the Northern District of Ohio.
The agency charges Eade with securities fraud, wire fraud, and conspiracy to commit securities fraud. The scheme ran from October 2007 to September 2014, the indictment said.
Eade’s payment for the ...
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