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SEC Strongly Cracking Down on Micro-Cap Securities Fraud

azwhitecollarcrime.com | August 15, 2014

The Securities and Exchange Commission has increased its enforcement activities against suspected fraud involving very small companies also known as micro-caps. In its most recent activity against such a company, the Securities and Exchange Commission filed charges against the chief executive of a penny stock company. According to the charges, the chief executive and a serial con artist defrauded investors by issuing fraudulent news releases.

According to the charges filed by the federal agency, Christopher Plummer and Lex Cowsert made extravagant claims about the company, via fake news releases. They made false claims about the company’s forecasted revenue, as well as other benefits to investors. However, according to the charges against them, the company operated by Christopher Plummer, was a completely fraudulent company. According to the charges, Plummer and Cowsert, the Chief Executive Officer of vaccine development company Cytogenix, misled investors by issuing a series of fake news releases that claimed a potential partnership of the microcap with Plummer’s company. Even after Cytogenix lost most of its intellectual property, the two men continued to issue releases, claiming outdated test results of a vaccine that the company claimed it was developing. Needless to say, there was no vaccine in development.

The Securities and Exchange Commission has recently turned its focus from the big-name financial crisis cases that it was going after since 2007, to small companies that have affected smaller investors. While the smaller cases may not attract headlines like the larger names that were involved in the financial meltdown of 2007-2008, the Securities and Exchange Commission continues to go after smaller companies as it lobbies Congress for additional funding.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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