Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Thursday, July 9, 2009

SEC Charges Russian Firm with Manipulating Stocks Through Innocent Victims' Accounts

The SEC filed a complaint in the United States District Court for the Southern District of New York charging Russian entity Pointer Worldwide Ltd and its officer, Tatiana Badmaeva, with participating in a fraudulent scheme to manipulate the prices of four New York Stock Exchange and Nasdaq traded securities through the unauthorized use of innocent victims' online brokerage accounts between June 18, 2008 and June 20, 2008.  In just three days of trading involving a combination of buys, sales and short sales, Pointer Worldwide and Badmaeva generated a net profit of $33,113.75 trading in the four securities.

The Commission's action charges Pointer Worldwide and Badmaeva with violations of the antifraud and seeks permanent injunctive relief, disgorgement and civil money penalties.

http://lawprofessors.typepad.com/securities/2009/07/sec-charges-russian-firm-with-manipulating-stocks-through-innocent-victims-accounts.html

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