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Michigan Man Agrees to Settle Market Manipulation Case
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23470 / February 17, 2016
Securities and Exchange Commission v. Randy A. Hamdan and Oracle Consultants, LLC, Civil Action No. 2:13-cv-15006-NGE-MKM, United States District Court for the Eastern District of Michigan
Michigan Man Agrees to Settle Market Manipulation Case
The United States Securities and Exchange Commission announced that, on February 17, 2016, Judge Nancy G. Edmunds of the U.S. District Court for the Eastern District of Michigan entered final judgments, on the consents of defendants Randy A. Hamdan and Oracle Consultants, LLC, which permanently enjoin them from violating the antifraud provisions of the federal securities laws and order them to jointly and severally pay $185,181 in disgorgement with prejudgment interest and civil penalties. These final judgments fully resolve the enforcement action before Judge Edmunds.
The Complaint, filed in December 2013, alleged that Hamdan, who lives in the Dearborn, Michigan area, carried out the pump-and-dump scheme by engaging in manipulative trading through his company, Oracle, conducting a fraudulent marketing campaign, and, by impersonating a representative of CompuSonics, causing a news service to issue a false press release on behalf of CompuSonics. The Complaint alleged that in order to conduct the scheme, Hamdan employed numerous tactics to hide his true identity.
Without admitting or denying the allegations of the Complaint, Hamdan and Oracle consented to final judgments which: (a) permanently enjoin them from violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities and Exchange Act of 1934, and Rule 10b-5 thereunder; (b) orders them to jointly and severally pay disgorgement of $29,216 with prejudgment interest of $5,965; and (c) to pay a $150,000 civil penalty.
For further information see Litigation Release 22892 (December 18, 2013).
http://www.sec.gov/litigation/litreleases/2016/lr23470.htm
No man I've given up on this one. I'm holding shares, but if it does not relist i will write it off for a loss in a few years....
Yes. Did you call the CEO and let him file with the SEC? Anyway I tried to buy 200K shares at 0.0005 and no any fill at all! 0.0004 is the lowest price since April of 2013.
CPVD: SEC Admin Law Judge Initial Decision to revoke:
http://www.sec.gov/alj/aljdec/2014/id554ce.pdf
Here is another important issue facing CompuSonics:
but the problem is that now it is on the Grey Market. The company needs to file its numbers to get back on the OTC...
It is tradable since yesterday! 0.0001 x 0.0018 now.
Last trade on 18 Dec? No bid or ask - where did you see trading again? Tim
I don't know, but if I remember correctly if the company does not file, I think the SEC will move this off of OTC. We need the company to file.
Back to trading now! Will the company file the requires financial reports to up-list the stock to the OTCLI or OTCNI tier? Any contact with the CEO most recently?
Well today is the 6th. We will have to see if they post fins after market close today.
So what's going to happen is this a tax right off or what
It appears the SEC has a big set of vice grips on CPVD so the company will likely be forced to 'man up', as you say.
I was worried this day may come. I hope the company mans up here.
SEC Charges Detroit Area Man and His Company with Conducting a Pump and Dump Scheme
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22892 / December 18, 2013
Securities and Exchange Commission v. Randy A. Hamdan and Oracle Consultants, LLC, Civil Action No. 2:13-cv-15006-NGE-MKM, United States District Court for the Eastern District of Michigan
SEC Charges Detroit Area Man and His Company with Conducting a Pump and Dump Scheme
On December 10, 2013, the Securities and Exchange Commission charged Randy A. Hamdan and a related entity, Oracle Consultants LLC, with carrying out a pump-and-dump scheme in the securities of CompuSonics Video Corporation. Through his trading entity, Hamdan generated illicit proceeds of approximately $30,000.
According to the Commission's Complaint filed in U.S. District Court for the Eastern District of Michigan, Hamdan, who lives in the Dearborn, Michigan area, carried out the pump-and-dump scheme by engaging in manipulative trading, conducting a fraudulent marketing campaign, and, by pretending to be a representative of CompuSonics, causing a news service to issue a false press release on behalf of CompuSonics. Through the phony press release and fraudulent marketing campaign, Hamdan disseminated false claims that CompuSonics had "reached an out-of-court settlement" regarding the company's patent portfolio and the phony press release added the claim that CompuSonics was "considering many options to bring back shareholder value," including a cash dividend and a stock buy-back program. The Complaint alleges that in order to conduct the scheme, Hamdan employed numerous tactics to hide his true identity, including a proxy internet server, an anonymous email service, fictitious contact information, and a prepaid cellphone.
The Complaint alleges that Hamdan and Oracle violated of Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. As to both Hamdan and Oracle, the Commission is seeking permanent injunctions, disgorgement of ill-gotten gains plus prejudgment interest, penalties, and a penny stock bar.
The Commission acknowledges the assistance of the British Columbia Securities Commission and the Office of Fraud Detection and Market Intelligence of the Financial Industry Regulatory Authority ("FINRA") for its assistance in this investigation.
SEC Complaint
http://www.sec.gov/litigation/complaints/2013/comp22892.pdf
http://www.sec.gov/litigation/litreleases/2013/lr22892.htm
Did you ever call the CEO recently? He should issue a press to update all the shareholders if he cares about the stock! A stupid CEO?
I understand your frustration, but on the other hand this stock is really just a shell that holds some patents. I would almost rather this just sit here quietly vs. a CEO trying to pump a stock. His only motivation for pumping would be to sell shares.
I agree it would be good to get some sort of update. I would be happy with an update like:" We have these patents, we think they are worth $xxxx and we are in the process of looking for a buyer." That would be a great PR.
The CEO seems very stupid by not issuing any news or updating while keeping to file the same 8-K with the SEC twice a year! A simple press will push the price to the much higher price levels to enhance the shareholder's confidence...
Totally 779,442 shares dumped at 0.0004 so far since the recent high 0.0018!
one of these days i am going to start bid sitting again. It could be just investors thinking about taxes and unloading for write-offs.
Who dumped 211,000 shares at the bottom price 0.0004 today? Why?
Up 60% so far! 800K-0.0005 x 210K-0.0007 now.
Down 16.67% now! It seems the MM's manipulation after 100K-0.0006...
300K-0.0005 x 100K-0.0008 now. Both the bid and ask are up now!
0.0004 x 0.0006 now.
Typo: it should be "buy", not "but"! By the way only 100K shares ask at 0.0007 which is over 61% below the next ask 0.0018 from the Level2!
Why those cheap 0.0004 ~ 0.0006 buyers didn't but 100K shares 0.0007 to push the asking price back to 0.0018?
10K-0.0006 x 100K-0.0007 now. The next bid/ask is 0.0003/0.0018!
Quick question for all: does anyone know the current float count? TIA!
Yes. 10K-0.0006 x 100K-0.0007 now. The next ask is 0.0018!
0.0007 x 0.0008 now. The next ask is 0.0018! Super thin asks...
Yes. Up 50% so far! 400K-0.0006 x 100K-0.0008 now. Then 310K-0.0018 ask!
a little action this morning, bid ask getting tighter
If the CEO is smart he should update us with the current business status and company objective! It seems nobody wants the cheap 0.001s now!
880K-0.0004 x 610K-0.001 now.
0.0004 x 0.001 now. The ask has dropped from 0.0014!
Total 568340 shares dumped at 0.0004 so far since the run to 0.0018!
Indeed it was actively traded with the decent volumes most recently!
Me too. 0.88M-0.0004 x 1.2M-0.0014 now. Huge spread between the bid and ask!
I would sure like to hear something from the company. It has been a long time.
1.21M-0.0004 x 1.2M-0.0014 now. We should see more sales at 0.0004s!
389,000 shares dumped at 0.0004 so far! Heading onto 0.0003 again?
The ask raised to 0.0015 now! Buy at the ask ASAP before too late...
No volume is due to the big spread, not anything wrong with the stock!
Nobody is selling anything here. Why?
Buy the very cheap shares (200K only) at the 0.0013 ask ASAP before it exploded to 0.054 again...
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