E-Trade Sues To Unload $1.6M In Spongetech Cash

Law360, New York (April 22, 2011, 8:47 PM EDT) -- E-Trade Securities LLC filed a suit Friday in New York asking a judge to determine who — or what government agency — should get $1.6 million that came from a trader's suspicious sale of stock in now-bankrupt Spongetech Delivery Systems Inc.

Myron Weiner sold $1.6 million in Spongetech shares as the company headed to a pump-and-dump related collapse, according to the online brokerage. Though not a defendant in any criminal or civil enforcement action, Weiner's sales were flagged as suspicious and his E-Trade accounts were frozen....
To view the full article, register now.




Case Information

Case Title

E*Trade Securities, LLC v. Weiner et al

Case Number



New York Eastern

Nature of Suit

Other Statutory Actions


Dora Lizette Irizarry

Date Filed

April 22, 2011

Law Firms


Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.