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NEW YORK (CBSNewYork/AP) – Federal authorities have announced the indictments of nine people they say were involved in an international $140 million penny stock fraud.
As WCBS 880’s Irene Cornell reported, prosecutors said the global scheme involved pumping up the value of penny stocks. The defendants then allegedly dumped their shares and, in the process, fleeced tens of thousands of investors out of $140 million.
The crew of con men then victimized the investors again by setting up a fake law firm that charged them to try to get their money back, federal authorities in New York said Tuesday.
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“Posing of employees of fake companies and maintaining call centers in four countries, the defendants recruiting efforts reached victims worldwide. The victims believed they would turn a profit on their nearly worthless…
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