Adviser Charged With Conducting Market Manipulating Scheme

Posted on July 23rd, 2014 at 8:48 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

Abraxas J. Discala, the CEO of OmniView Capital Advisors LLC, along with company insiders, registered brokers, investment advisers, and an attorney, have been indicted for orchestrating a $300 million market manipulating scheme.

In early May 2013, Discala and his co-conspirators engineered a reverse merger of CodeSmart, a private company, with OmniView. After gaining control of CodeSmart’s three million unrestricted shares, Discala and his co-conspirators fraudulently inflated CodeSmart’s share price and trading volume.  They then sold the unrestricted CodeSmart stock at a profit, which deceived the market into believing the company was worth hundreds of millions of dollars. In fact, the company stock was worthless.

While Discala and his co-conspirators were conducting this lucrative scheme to manipulate the financial markets, they abused their positions of trust as they placed worthless stocks into the retirement accounts of their unsuspecting and elderly customers.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

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