SEC seeks $50-million (U.S.) from Lankford
2011-07-07 14:12 ET - Street Wire
Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
Also Street Wire (U-DPRK) Deep Rock Oil and Gas Inc
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by Mike Caswell
The U.S. Securities and Exchange Commission has filed a motion seeking $50.3-million in penalties for Joshua Lankford, a fugitive stock broker from Dallas. (All figures are in U.S. dollars.) The amount represents disgorgement of profits for three pump-and-dumps that occurred in 2005, including one that exploited the devastation caused by hurricane Katrina. The penalty, should the SEC win it, would be a decision by default as Mr. Lankford has not responded to the case.
Mr. Lankford would be the second promoter fined for the scheme, the first being former Canadian broker Dean Sheptycki. On March 11, 2011, the SEC secured a $98.7-million default judgment against Mr. Sheptycki, who also had not answered the case. The regulator claimed that he transmitted misleading faxes that aided the scheme.
The charges the men faced stemmed from three promotions, including the 2005 pump-and-dump of National Storm Management Inc. The men held the company out as a storm reconstruction outfit in the wake of hurricane Katrina, the storm that devastated New Orleans in 2005. As Mr. Sheptycki sent out faxes promoting the stock, Mr. Lankford and others carried out a series of manipulative trades through nominee accounts, the SEC said.
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50 million? HAHAHA. the SEC is being run by Mike Myers, the spy who shagged me. why don't they just make it 3 trillion??
what a bunch of douche bags. Casey Anthony got 4 years for lying to the cops and the prosecution after not reporting her 2 year old missing for over 30 days. IF she'd stolen someone's money, or killed someone's fakking dog (Michael Vic) she'd be in jail for 3 THOUSAND years. anyone who thinks the SEC is NOT complicit in all these criminal activities is dreaming. they end up with the money. they NEVER repatriate it to the hapless victims whom they CLAIM to be protecting. The US is going in the toilet where it belongs.
Posted by optim at 2011-07-07 16:21
everyone should do pump and dumps becuase in Canada nobody goes to JAIL.
Posted by stockman at 2011-07-08 10:57
Do not forget to mention that Casey is a hottie; whereas Sheptycki looks like a broken bag of nails.
Posted by Phat Dean woefully underemployed at 2011-07-08 14:03
Simply disgusting how a senator can maintain a "clean" reputation via the courts after having any dealings with the Teamsters. Everyone knows the corrupt history of the Teamsters. And that the so-called Canadian justice system protects those who have long ties with such an organization and a longer history of dubious dealings makes a complete mockery of libel and slander law. Canada needs to pull its collective head out.
Posted by rron at 2011-07-10 18:52
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