"Penny-stock promoter fined in SEC fraud case" Globe Staff October 08, 2014
The Securities and Exchange Commission has ordered a Massachusetts man to pay $727,000 in a penny-stock fraud case.
The SEC had alleged that Geoffrey J. Eiten and his company, National Financial Communications Inc., promoted penny stocks in a publication called “OTC Special Situations Reports,’’ in an effort to increase the share prices of companies with stocks that traded for pennies.
The SEC said Eiten and his company made misrepresentations and omissions to investors on behalf of his clients — companies looking to boost their rock-bottom stock prices. According to the regulator’s complaint, Eiten issued statements about the companies’ finances without ensuring they were true....
Not only does my newspaper do the same thing, but this seems to be $tandard bu$ine$$ practice in AmeriKa these days.
--more--"
