Palm Beach Gardens, Florida Broker-Dealer and its Brokers Charged with Conspiracy to Unlawfully Sell Unregistered Securities

Posted on May 2nd, 2018 at 2:08 PM
Palm Beach Gardens, Florida Broker-Dealer and its Brokers Charged with Conspiracy to Unlawfully Sell Unregistered Securities

From the Desk of Jim Eccleston at Eccleston Law LLC:

South Florida broker-dealer, Delaney Equity Group, LLC (“Delaney Equity”) has been charged with participating in a scheme to sell shares of fraudulently registered companies that then could be used for pump and dump and other stock manipulation schemes. In addition, ten other individuals associated with Delaney Equity have been charged in connection with the stock manipulation fraud.

According to the criminal complaint, from October 2009 through at least June 2013, Delaney Equity, through its employees, sold shares of microcap companies, knowing that the companies were secretly controlled by shell principals affiliated with the firm. More specifically, those principals would create fraudulent documents with the names of various shareholders to make it appear that the shares were owned by individuals unaffiliated with the companies.  Thereafter, the principals would sell the companies in the form of unrestricted or “free trading” to criminal actors who then would engage in stock manipulation schemes without having to disclose the trades to the SEC.

Eccleston Law is investigating this fraud. Those with information should contact our law firm.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

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