Financial Crime Weekly: SEC Unravels Microcap Pump-And-Dump; $16M Penalty Ordered On Medsis Securities Fraud
Portfolio Pulse from Neil Dennis
The SEC charged three individuals with a microcap pump-and-dump scheme involving County Line Energy (CYLC), and ordered Medsis International to pay $15.9 million for securities fraud. The CFTC filed a complaint against Yueyu Bao for a fictitious sales scheme on the Chicago Board of Trade's Globex system.
January 18, 2024 | 4:48 pm
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County Line Energy (CYLC) was involved in a pump-and-dump scheme, with the SEC charging three individuals for creating the appearance of active trading and selling shares for $5 million in profits.
The direct involvement of CYLC in the fraudulent scheme and the SEC's charges are likely to negatively impact investor confidence and the stock's price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100