SEC Sues Two In 'Pump And Dump' Scheme

Law360, New York (July 9, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has filed a complaint against a stockbroker and a shell company's chief technology officer in connection with a “pump and dump” stock scheme.

The complaint, filed in United States District Court for the District of Nevada, accuses Stephen Roebuck and Daniel Kaiser of issuing false press releases overstating the value of VMT Scientific Inc.

The company produced nothing, had no real value and was under court custodianship, the suit says. They then sold shares in the shell company over the...
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