Stockbroker Cops To $30M Pump-And-Dump Scheme

Law360, New York (April 22, 2011, 12:48 PM EDT) -- A New York stock broker on Thursday pled guilty in Michigan federal court for his role a $30 million pump-and-dump scheme involving stock in Chinese and Israeli microcap companies.

Gregg M. Berger copped to one count of conspiracy to commit securities fraud for opening brokerage accounts for trading in six companies at the center of the scheme, which lasted from January 2005 to June 2006.

“Like so many other financial fraudsters we have prosecuted, Gregg Berger knew better,” Assistant Attorney General Lanny Breuer said in a...
To view the full article, register now.