What Is a Microcap Stock? The term “microcap stock” (sometimes referred to as “penny stock”) applies to companies with low or micro market capitalizations. Companies with a market capitalization of less than $250 or $300 million are often called “microcap stocks” – although many have market capitalizations of far less…
What is a Boiler Room Scheme? Boiler room schemes are large-scale operations designed to lure in as many investors to an investment scam as possible, often using high-pressure sales tactics. Boiler room scheme operators may cold call investors or solicit investors through emails, text messages, social media, and other means.…
Securities and Exchange Commission v. Keith Houlihan, No. 9:18-cv-80585 (S.D. Fla. filed May 4, 2018) The Securities and Exchange Commission recently filed an enforcement action against a former microcap company president with defrauding over 700 investors nationwide who were pressured to invest has agreed to lifetime officer-and-director and penny stock bars. The…
Securities and Exchange Commission v. Diane J. Harrison, et al., Civil Action No. 18-cv-01003 (M.D. Fla., filed April 25, 2018) The Securities and Exchange Commission recently announced that it filed a civil injunctive action on April 25, 2018, against a lawyer and two other individuals relating to two microcap schemes…
Securities and Exchange Commission v. Rudden, et al., No. 18-cv-01842 (D. Colo. filed July 19, 2018) The Securities and Exchange Commission recently announced the unsealing of fraud charges against a group of companies and their principal who allegedly bilked at least 150 investors in a $55 million Ponzi scheme. The…
Securities and Exchange Commission v. John C. Maccoll, No. 2:18-cv-12473-SFC-DRG (E.D. Michigan filed August 9, 2018) The Securities and Exchange Commission recently charged a former registered representative with defrauding his brokerage customers out of nearly $4 million in a long-running investment scam. According to the SEC’s complaint, John C. Maccoll,…
Securities and Exchange Commission v. Chad Anthony Lewis, No. 18-cv-61869 (S.D. Fla. filed August 13, 2018) Recently, the Securities and Exchange Commission filed a civil injunctive action against Chad Anthony Lewis, a Kentucky resident for unlawfully acting as an unregistered broker and selling unregistered investments in two oil and gas…
Securities and Exchange Commission v. Alexander Charles White and Paul Douglas Vandivier, No. 18-cv-61870 (S.D. Fla. filed August 13, 2018) Recently, the Securities and Exchange Commission filed a civil injunctive action against two sales agents for unlawfully acting as unregistered brokers and selling unregistered investments in two oil and gas…
Kelly Marvin Barnett (CRD #4127608, Sarasota, Florida): Recently, the Financial Industry Regulatory Authority announced that Kelly Marvin Barnett executed and Acceptance, Waiver and Consent in which Barnett was assessed a deferred fine of $15,000 and suspended from association with any FINRA member in all capacities for six months. Without admitting…
Peter David Holler (CRD #838897, Bristol, Tennessee): Recently, the Financial Industry Regulatory Authority announced that Peter David Holler executed an Acceptance, Waiver and Consent in which Holler was assessed a deferred fine of $10,000, suspended from association with any FINRA member in all capacities for two years and ordered to pay…