Ex-Broker Settles SEC Pump-And-Dump Suit

Law360, New York (June 30, 2011, 4:25 PM EDT) -- An imprisoned former investment broker on Thursday settled a U.S. Securities and Exchange Commission suit in New York alleging he duped brokerage houses into selling millions of shares of a co-conspirator's oil company and other lightly traded stocks.

Eric T. Seiden — who is serving a one-year prison term for his role in the pump-and-dump scheme — consented to an order permanently enjoining him from future securities violations, though he still faces possible disgorgement and civil penalties in the civil case.

According to the SEC, Kamal...
To view the full article, register now.




Case Information

Case Title

Securities And Exchange Commission v. Seiden

Case Number



New York Eastern

Nature of Suit



Kiyo A. Matsumoto

Date Filed

July 20, 2009

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.