6/4/2013

The Securities and Exchange Commission has suspended trading of Fidelity First Financial, Oxford Capital and 59 other empty shell companies until June 14, saying there are questions about their operating status. "Stock manipulators crave empty shell companies that they can use to conduct pump-and-dump schemes and line their pockets with illicit trading profits by taking advantage of unsuspecting investors," said Andrew Ceresney, co-director of the regulator's Division of Enforcement. "We will aggressively suspend trading in such empty shells to take away a tool of their trade and help rid our markets of fraud."

Related Summaries