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NY Broker Charged In $30M Pump-And-Dump Scheme

Law360 (February 2, 2011, 3:00 PM EST) -- A New York stock broker has been charged with one count of conspiracy for his alleged role in a $30 million pump-and-dump scheme involving stock in Chinese and Israeli microcap companies.

According to an indictment unsealed Monday in the U.S. District Court for the Eastern District of Michigan, Gregg M. Berger allegedly made $600,000 in commissions for opening up brokerage accounts for trading in six companies at the center of the scheme, which lasted from January 2005 through June 2006.

Co-conspirators in the case allegedly pumped...
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