SEC Sues Grifco Officials Over $4M Stock Rigging Scam

Law360, Houston (June 1, 2012, 6:45 PM EDT) -- The U.S. Securities and Exchange Commission brought a civil suit against three former officials with Grifco International Inc. in Texas federal court Friday, alleging the men orchestrated a $3.9 million stock manipulation scheme through the oil and gas services equipment company.

The architects of the alleged scheme — James Dial, Grifco's former president and CEO, and Evan Jarvis and Alexander Ellerman, two stock promoters with the company — fabricated information about the oil and gas services equipment company in press releases and conference calls, a violation...
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