US Accuses 13 Of Running $12M Boiler Room Scheme

Law360, New York (June 9, 2010, 7:27 PM EDT) -- The U.S. government has charged 13 people, including Realcast Corp. CEO and former U.S. Securities and Exchange Commission employee Steven Kimmel, of defrauding investors of more than $12 million in a boiler room scheme.

The indictment, filed under seal June 2 in the U.S. District Court for the Southern District of New York, claims Anthony Guarino operated boiler rooms under the business names Powercom Energy Services Corp. and Empire Energy Services Corp. The indictment was partially unsealed Wednesday.

The FBI also raided the Manhattan offices of...
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