Lorenzo Formato, who said he had manipulated penny stocks for 13 years through a variety of brokerage firms in northern New Jersey, asserted that this manipulation included all penny stocks, even including low-priced stocks listed in the National Association of Securities Dealers' reporting system. The witness said a crime organization received a portion of his profits.
Probably Kingston divided the "total budget" of $760K and distributed it to all of the promoters involved.
Trouble is, with a float of only 3.3 million, a promo is unlikely to be successful unless the seller begins to sell big chunks pretty quickly.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.