Law360 (September 12, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has charged two stock promoters with manipulating the market for renewable-energy company Industrial Biotechnology Corp.'s stock through a broker bribery scheme involving an undercover FBI agent.
The SEC said that the two promoters for the Florida-based company bribed the undercover agent, who they thought represented a group of brokers handling trading accounts for wealthy customers, to purchase up to $3 million in the company's stock in exchange for a 25 percent kickback.
The suit was lodged Wednesday in the U.S. District Court for the Southern District of New York, accusing Bruce L. Grossman and Jonathan...
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