Stock Promoters Bribed Undercover FBI Agent: SEC

By Denise Oliveira (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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!