U.S. Charges 10 in $100 Million ‘Pump-and-Dump’ Stock Sales Scam

Ten people were charged with securities fraud in what U.S. authorities say was a long-running, pump-and-dump stock scheme that generated more than $100 million in illicit profit.

The individuals manipulated and inflated the prices of shares in small publicly traded companies using promotional materials that contained false and misleading claims, and employed a “boiler room” of salesmen to solicit investors, according to a statement Thursday by Damian Williams, the U.S. Attorney for the Southern District of New York.

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