Dan Mangan, 18 June 2021
Three men engaged in a brazen scheme to “surreptitiously hijack” and take over dormant shell companies, whose stock they then fraudulently inflated to dump to unwitting investors, according to charges in an indictment that was unsealed Friday.
The men from 2017 through 2019 allegedly used fake resignation letters to seize control of four shell companies and then used the Securities and Exchange Commission’s EDGAR public filing system and bogus press releases to fraudulently “pump up” their share prices by claiming new business opportunities, the indictment says. Continue reading “Article: Shell company hijack: Men used SEC filings, fake press releases for stock pump-and-dump scam, feds say”
