Magnum D'Or Faces Investor Action Over Kickback Plot

Law360, New York (August 24, 2011, 2:48 PM EDT) -- A Magnum D’Or Resources Inc. investor filed a class action Tuesday in Florida alleging the purported tire-recycling company issued false statements as part of a scheme to pocket $7 million in illicit stock proceeds.

Magnum D’Or disseminated fraudulent press releases touting its growth, artificially inflating the company’s share price in order to liquidate stock in a kickback scheme — already uncovered by regulators — that funneled roughly $7 million back to the company, according to the complaint.

“Defendants engaged in such a scheme to inflate the...
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Case Information

Case Title

de Souza v. Magnum D'Or Resources, Inc. et al


Case Number

0:11-cv-61879

Court

Florida Southern

Nature of Suit

Securities/Commodities

Judge

Adalberto Jordan

Date Filed

August 23, 2011

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