I believe what I read in a Federal Complaint!
SEC V. Philip M Verges ( aka “The Scourge” )
From at least June 2017 to June 2022, Defendants—led by Verges—perpetrated a scheme to pump and dump into the market more than $112 million of stock in certain penny stock companies. Verges designed the scheme so that Blue Citi (owned by R. Malin and L. Case 3:23-cv-02146-D Document 1 Filed 09/26/23 Page 1 of 29 PageID 1 2 Malin), Tilton (in his individual capacity), JDT (owned by Tilton), and other accomplices that Verges nominated (the “Other Nominees”; collectively with Blue Citi, Tilton, and JDT, the “Nominees”) received heavily discounted shares in five penny stock companies: Alternet Systems, Inc. (“ALYI”), Priority Aviation, Inc. (“PJET”), Puration, Inc. (“PURA”), Vaycaychella, Inc. (“VAYK”), and WaterPure International, Inc. (“WPUR”) (collectively, the “PSCs” and individually, a “PSC”). The Nominees ultimately received at least 5.2 billion shares of stock in the PSCs at an 86.64% discount and then proceeded to dump those shares into the market. Blue Citi, Tilton, and JDT alone generated more than $52 million in trading proceeds.
