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Sunday, May 24, 2009 12:02:48 PM
The "pump and dump" scheme was operated on the penny stock market, where stocks for small to tiny companies that often sell for fractions of a cent are traded -- in this case, through pinksheets.com and otcbb.com.
In one case, the stock price of a company called GH3, a Nevada company "that purports to market anti-aging products," was driven from .0004 per share at the start of the scheme, to 1.8 cents a share at the peak, a 4,000 percent increase.
As part of the scam, according to court papers, company officials would provide the defendants with massive amounts of stock, essentially for free or low cost, in exchange for kickbacks from the profits at the end of the campaign..."
http://www.delawareonline.com/article/20090522/NEWS01/905220401/Newark+man+accused+of+leading+stock+scam
..."As part of the scam, according to court papers, company officials would provide the defendants with massive amounts of stock..."
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