Penny Stock Cos. Agree To $1.4M Deal With SEC

Law360, New York (November 25, 2013, 6:47 PM EST) -- A Long Island financier and his companies have agreed to pay $1.4 million to settle a U.S. Securities and Exchange Commission suit alleging they bought and sold billions of penny stocks without registering the shares, the agency said Monday.

The SEC filed and settled an administrative case alleging Curt Kramer and his three Great Neck, N.Y.-based firms — Mazuma Corp., Mazuma Funding Corp. and Mazuma Holding Corp. — purchased billions of shares in two “microcap” companies at a discount, then resold the shares to investors for...
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