SEC Says Trader Made $21.5M From Unregistered Dealing

Law360 (March 25, 2020, 5:22 PM EDT) -- The U.S. Securities and Exchange Commission on Tuesday accused a stock trader of buying and selling billions of newly issued shares from microcap companies and netting $21.5 million in profits while failing to register as a securities dealer.

The SEC alleges that from around January 2015 through January 2018, Justin W. Keener, doing business as JMJ Financial, bought over 100 convertible notes from more than 100 different penny stock issuers and turned the notes into newly issued securities at a discount from the market price before selling the shares in the public market at a profit, while failing to comply with...

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