OTC Markets Research, a firm that specializes in analyzing penny stocks, said in a report last year that Grinberg, Arnold, and three other investors from southern Florida -- whom it collectively calls "the Miami Financiers" -- have a history of teaming up in penny stocks like Life Clips to use them "as their own personal ATM machines."
The research firm said in its note that Life Clips had issued "false and misleading press releases" to help pump up the stock so the Miami Financiers could dump their holdings on the market.
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