Friday, June 02, 2023 4:58:56 PM
https://www.investmentexecutive.com/news/from-the-regulators/sec-charges-trading-chatroom-moderator/
According to the SEC, “Sabo promoted himself as a trustworthy stock-picking guru. In reality, he was a seasoned stock manipulator.”
The regulator said that, working with several others, Sabo identified stocks to manipulate, acquired substantial positions in those securities, and then recommended the stocks in the online forum he moderated, along with the other participants in the scheme.
“He encouraged members of the stock-trading forum to purchase the selected stocks, often claiming that he too had bought or intended to buy these stocks for himself and that he intended to hold them. Instead, he sold his shares into the demand generated by his own deceptive promotions,” it said.
The SEC alleged that Sabo made over US$1 million from the scheme.
Sound familiar?
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