Public Statement Statement on Jury Verdict in Florida Federal Court Following Trial Against Orchestrator of Pump-and-Dump Scheme
Andrew Ceresney Director, SEC Division of Enforcement
Aug. 8, 2014
“Edward Hayter lied to investors in a microcap pump-and-dump scheme in which he profited handsomely. We are pleased that a federal jury has found him liable for violating the federal securities laws. This is yet another victory in the Commission’s multi-pronged approach to combating microcap fraud.”
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More Information:
•SEC’s complaint in the case filed in 2010. •SEC alleged that Edward W. Hayter of Brooklyn, N.Y. orchestrated a pump-and-dump scheme involving the stock of BIH Corporation. •Hayter allegedly pumped up the price of BIH stock by disseminating false and misleading press releases and placing false information on BIH's website. •The four-day trial concluded today in U.S. District Court for the Middle District of Florida, Fort Myers Division. •Jury delivered its verdict in the SEC’s favor on all counts.
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