- Reuters•2 years ago
Eight people were charged on Thursday in New York with duping thousands of investors into purchasing $290 million worth of penny stocks in "pump and dump" schemes. Three of the people blasted emails "pumping" the stocks to thousands of potential investors, Manhattan District Attorney Cyrus Vance Jr. said in a statement announcing the 85-count indictment. Once a stock's price was artificially inflated, the schemers "dumped" the stock, leaving public investors with shares that were pretty much worthless, the prosecutors said. Anthony Thompson, 38, of Bethesda, Maryland, and Jay Fung, 40, of Delray Beach, Florida, were arraigned in state Supreme Court in Manhattan in connection with the scheme, which prosecutors said took place between 2009 and 2012.
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