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SEC Says Attys Sent Fraudulent Penny Stock Opinion Letters

Law360, New York (October 11, 2017, 7:09 PM EDT) -- The U.S. Securities and Exchange Commission sued two lawyers Wednesday, including one who was arrested and criminally charged, saying they wrote dozens of fraudulent opinion letters that enabled a ring of criminals to set up and flip public companies for use in pump-and-dump scams.

Andrew H. Wilson, a California lawyer, was accused in Florida federal court of violating security registration requirements by authoring five opinion letters that enabled two now-convicted felons to trade unrestricted stock. James M. Schneider, a Florida attorney, was sued for several counts...
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