GENERATED MILLIONS IN “ILL-GOTTEN GAINS”
KK (48) and JED (74) are said to have orchestrated a scheme wherein they acquired an interest in a publicly traded shell company that they rebranded, and then filed false reports with federal agencies so that their ownership was concealed from investors.
They then whipped up advertising campaigns to artificially inflate the company stock’s price, and as the price temporarily increased, the men sold their shares on the spikes, generating “millions of dollars in ill-gotten gains.”
Charged with one count of conspiracy to commit securities fraud and one count of securities fraud, the men face up to five years in prison for conspiracy and 20 years for securities fraud.
Think they’ll take stock in that?
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USDOJ PRESS RELEASE ~ 04.30.24
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An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.