ADVFN Plc (AFN)

[grandetourismo]

The word of Admin Matt's corruption is spreading. Odds of ADVFN sweeping this under the rug are getting thinner by the day. Here's an article that hit Bloomberg.

http://pennystocks.12buzz.com/?p=1113

Bend Down Matty Brown: SEC Sues Eight in iHub Fraud Ring
By Sophia Pearson and Phil Milford

May 21 (Bloomberg) — The U.S. Securities and Exchange Commission sued eight people in Florida, California and Delaware, claiming they generated more than $6.2 million in illicit profits by manipulating stock prices in four companies.

The group allegedly pumped up prices of GH3 International Inc., Asia Global Holdings Inc., Playstar Corp. and Xtreme Motorsports of California Inc., the SEC said today in a statement. Delaware’s Acting U.S. Attorney David C. Weiss separately announced indictments in the case.

“The integrity of our nation’s public stock markets requires protection from those greedy few who engage in market manipulation at the expense of many,” Weiss said in a statement.

Pawel Dynkowski, 24, of Newark, Delaware, is accused of carrying out the scheme with people he met through a penny stock Web site called InvestorsHub.com, operated by Matthew Brown, 26, of Aliso Viejo, California, according to the SEC complaint filed yesterday in federal court in Wilmington, Delaware. The group timed manipulative trading to coincide with false and misleading press releases purportedly issued by the companies to “hype the stock,” the SEC said in its statement.

In addition to Brown and Dynkowski, those sued by the SEC are Jacob Canceli, 50, of Mission Viejo, California; Gerard J. D’Amaro, 38, of Pompano Beach, Florida; Joseph Mangiapane Jr., 43, of Laguna Niguel, California; and Marc J. Riviello, 50, of Redwood City, California.

Delaware Indictments

Mangiapane is the chief executive officer of Rubicon Financial Inc. The SEC also charged Nathan M. Michaud of Boston, a Web site designer, and Adam S. Rosengard of Voorhees, New Jersey, who was a student at the University of Delaware.

GH3, based in Las Vegas, provides an anti-aging formula, according to the complaint. Asia Global, based in Hong Kong, is a media company. Woodbridge, Ontario-based Playstar was involved in communications and Xtreme, based in Bakersfield, California, makes dune buggies, according to the complaint.

Indicted in Delaware were Dynkowski, Mangiapane, Riviello, Brown, Canceli and D’Amaro. A nine-count indictment filed on April 16 and unsealed today charges Dynkowski and Mangiapane with securities fraud, wire fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering and money laundering offenses.

Dynkowski and D’Amaro are also charged in a four-count indictment filed on April 30. The other men are charged in separate indictments. Angelo R. “Bill” Panetta is charged with one count of perjury and one count of obstruction of justice in connection with his testimony before a grand jury.

Mangiapane and Riviello didn’t immediately return messages seeking comment on the case. The others either couldn’t immediately be located by e-mail or through business and residential phone directories.

The case is SEC v. Dynkowski, 09-361, U.S. District Court District of Delaware (Wilmington).

To contact the reporters on this story: Sophia Pearson in Wilmington, Delaware [e-mail]; Phil Milford in Wilmington at [e-mail].