Articles Posted in PUMP AND DUMP

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On April 9, 2019, the SEC (Securities and Exchange Commission) charged one of the former attorneys of SeaWorld Entertainment Inc. with insider trading. The “inside knowledge” was that the company’s revenue would be better than anticipated for the second quarter of 2018.

The allegations were than Paul B. Powers had revenue information as the company’s associate general counsel and assistant secretary. Based on the info, Powers purchased 18,000 shares of SeaWorld stock right after he received a confidential draft of the 2018 second quarter earnings, detailing strong  performance by Sea World.   Powers then sold his SeaWorld shares for approximately $65,000 in illicit profits.

“… Powers blatantly exploited his access to nonpublic information by misusing SeaWorld’s confidential revenue data to enrich himself,” said an SEC spokesman who continued.  “Investors should feel confident in the integrity of corporate officers, particularly attorneys…”

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BROKER NAILED FOR $250K. BROKER TIMARY DELORME FINED IN  PUMP AND DUMP.

The SEC  (Securities and Exchange Commission) (SEC) announced that Wedbush Securities Inc. will pay a $250,000 penalty and has agreed to be censured to settle its failure to supervise charge concerning a “pump and dump” scheme by its broker, Timary Delorme.

The SEC stated: “Wedbush ignored numerous red flags indicating that one of its registered representatives was involved in a long-running pump-and-dump scheme targeting retail investors. Wedbush conducted two flawed and insufficient investigations into the registered representative’s conduct, and failed to take appropriate action.”