Friday, February 27, 2015

CEO of San Fran-Based Penny Stock Company Pump and Dump Scheme Fined $300,000

On February 25, 2015 Joseph A. Noel, of Martinez, California was ordered to pay $315,000 resulting from a complaint originally filed by the Securities and Exchange Commission (SEC) on Nov. 17, 2014.

As the CEO of the YesDTC Holdings, Noel is accused of defrauding investors via a pump and dump scheme. Noel issued misleading press releases and infomercials to market shares of his company, pushing the price of the thinly-traded securities up. He then sold his shares and made $300,000. Noel hid his sales through an account he made in his teenage daughter's name.

To read the original charges click here.

To read the final order click here.

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