January 24, 2008
SEC Settles Pump & Dump Scheme Involving Aimsi Technologies
The SEC settled an enforcement action alleging a deliberate "pump and dump" scheme to defraud investors in the stock of Aimsi Technologies, against Defendants Aimsi Technologies, Inc. and Winfred Fields. The SEC filed its action on an emergency basis on May 16, 2005, alleging that Aimsi, Fields and the other defendants acquired a substantial stake in the shares of Aimsi, orchestrated a fraudulent promotional campaign to drive up the price and trading volume of Aimsi's stock, and then sold their shares at a substantial profit to the investing public after their plan succeeded. The Complaint alleges that before the Commission suspended trading in Aimsi's stock on Dec. 15, 2004, the defendants earned illicit trading profits of at least $3.1 million.
On January 15, 2008, the federal district court for the Southern District of New York entered final judgments on consent against Aimsi and Fields.
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