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Alleged Penny Stock Schemers Evade Default Judgment

Law360 (February 14, 2011, 2:49 PM EST) -- A federal judge has denied the U.S. Securities and Exchange Commission's request for default judgments against two fugitives allegedly involved in a penny stock pump-and-dump scheme.

Judge Claire V. Eagan of the U.S. District Court for the Northern District of Oklahoma said on Monday she cannot enter a default judgment against Joshua Wayne Lankford and Dean Joseph Sheptycki until they have been served with the complaint.

But the failure to serve the two men was the reason the SEC had sought default judgment against Lankford and...
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