SEC Uncovers $194 Million Penny Stock Schemes that Spanned Three Continents

The Securities and Exchange Commission today announced charges against 16 defendants, located in the Bahamas, the British Virgin Islands, Bulgaria, Canada, the Cayman Islands, Monaco, Spain, Turkey, and the United Kingdom, for participating in multi-year fraudulent penny stock schemes that generated more than $194 million in illicit proceeds. The SEC investigations leading to these charges involved assistance from securities regulators and other law enforcement authorities in more than 20 countries and are associated, in part, with parallel criminal actions announced by the United States Attorney’s Office for the Southern District of New York. "We allege that the defendants in these actions orchestrated some of the most complex microcap stock fraud schemes ever charged by the SEC," said Gurbir S.