SEC Charges Seven in $45 Million Pump and Dump Scheme | Chief Investment Officer
Kelly Kabilafkas allegedly promoted shares in Airborne Wireless Network, then dumped the stock. The US Securities and Exchange Commission (SEC) has charged seven people in connection with an allegedly fraudulent scheme to gain control of a technology company, pump up its stock, and defraud investors. According to the SEC’s complaint, Kalistratos “Kelly” Kabilafkas secretly purchased essentially all of the outstanding stock of Airborne Wireless Network, a Nevada corporation headquartered in Simi Valley, California, then distributed millions of shares to his associates and himself. The si...
Source: ai-cio.com