Eight Charged by N.Y. in $290 Million Pump-and-Dump Plot
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Eight people were indicted on charges of defrauding thousands of investors in penny stocks through a $290 million “pump-and-dump” scheme, Manhattan District Attorney Cyrus Vance Jr. said.
Three stock promoters -- Anthony Thompson, 38, of Bethesda, Maryland; Eric Van Nguyen, 30, of Quebec; and Jay Fung, 40, of Delray Beach, Florida -- are accused of working with five others from April 2009 to May 2012 to drive up prices of penny stocks to induce investors to buy shares, Vance said today in a statement.