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SEC, DOJ charge N.Y. boiler room operators

2017-07-13 18:20 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-ICEIF) Intelligent Content Enterprises Inc

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by Mike Caswell

New York prosecutors have filed criminal charges against a group of boiler room operators, claiming that they carried out a $147-million market manipulation scheme. (All figures are in U.S. dollars.) According to the government, the group cold-called seniors and others and had them buy millions of dollars worth of shares in five thinly traded stocks. The companies that were in the scheme include former Canadian Securities Exchange listing Intelligent Content Enterprises Inc.

The charges, announced on Wednesday, July 12, target 14 individuals who operated under the names My Street Research, Elite Stock Research and Accredited Investor Preview. According to prosecutors, the group ran call centres that preyed mostly on elderly investors. The group aggressively and repeatedly called victims in an effort to have them buy shares.

The 14 defendants, mostly from New York, were arrested prior to the charges being disclosed. They are: Jeffrey Chartier, Stephanie Lee, Lawrence Isen, Robert Gleckman, Erik Matz, Ronald Hardy, Brian Heepke, Dennis Verderosa, Emin L. Cohen, Paul Ewer, McArthur Jean, Sergio Ramirez, Anthony Vassallo and Robert Gilbert. The charges include conspiracy to commit securities fraud, conspiracy to commit wire fraud, conspiracy to commit money laundering and substantive securities fraud in connection with the manipulations of five companies.

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