South Florida Arbitration & Litigation Lawyer Blog
Penny Stock Fraud and Misreresentation FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.
April, 2012:
In the Matter of Alvin C. Ramsey
The Securities and Exchange Commission recently announced the issuance of an Order Making Findings and Imposing Remedial Sanctions against Respondent Alvin C. Ramsey (Ramsey) pursuant to Section 15(b) of the Securities Exchange Act of 1934.
The Order finds that, on November 3, 2010, the United States District Court for the Southern District of Georgia entered a judgment against Ramsey after he pleaded guilty to one count of mail fraud. The Order further finds that the count to which Ramsey pleaded guilty alleged that, from June 2005 to January 2008, Ramsey knowingly and willfully devised and intended to devise a scheme and artifice to defraud and misappropriate more than $400,000 from a customer.
Based on the above, the Order bars Ramsey from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or nationally recognized statistical rating organization; and further bars Ramsey from participating in any offering of a penny stock, including: acting as a promoter, finder, consultant, agent or other person who engages in activities with a broker, dealer or issuer for purposes of the issuance or trading in any penny stock, or inducing or attempting to induce the purchase or sale of any penny stock.