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Massive Stock Fraud Involving Organized Crime and Others Alleged By Justice Department and SEC
In the largest one-day fraud indictment ever, 120 defendants are charged with bilking investors out of $50 million over 5 years.
At issue is the pumping and dumping of stock in 19 publicly traded companies, including E-Pawn.com, WAMAX Holdings, SearchHispanic.com, Bookdigital.com, Harbour International and Premier Classic Art, Inc., as well as three private placements by Ranch1 Inc.
Among those indicted are: DMN Capital Investments, Inc., First Liberty Investment Group, Inc., William Scott & Co., Bryn Mawr Investment Group, Inc., Monitor Investment Group, Inc., Meyers Pollack & Robbins, Atlantic General Investment Group and Basic Capital Management.
Also indicted are Chicago area hedge fund manager Glenn Laken, a principal manager in TradeVentureFund, and William Stephens, the San Francisco chief investment strategist for Husic Capital Management.
Source: Wall Street Journal, June 15, 2000
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