The case centres on allegations of manipulation of stock to reel in unsuspecting investors, creating estimated gains of $145 million.
after admitting he participated in a vast cheating scheme to help his sons get into U.S. universities.that describes a series of highly profitable “pump-and-dumps” stock transactions in 17 publicly traded companies from 2006 to 2020.
Investigators allege Sidoo was part of a secondary group dubbed “Sidoo and Bauer Ring Coalition.” Along with Bauer and Sidoo, the others named are Craig James Auringer, Alon Friedlander, Massimilano Pozzoni, Daniel Mark Ferris, Petar Dmitrov Mihaylov, and Adam Christopher Kambeitz.The documents track alleged ventures and “bogus documentation” in everything from oil and gas and pharmaceuticals, to heavy metals and software companies that typically used Swiss offshore financial firms.
“Through such means, defendants hid their coordinated efforts from gatekeepers who otherwise would have treated their shares as restricted stock, which could not have been freely purchased, sold or transferred in the retail market,” the suit alleges. The securities commission is seeking civil penalties and injunctions against the defendants participating in any penny stock offerings — and repayment of alleged “ill-gotten gains.”Article content
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