SEC Charges Hawaii Man for Fake Crypto Pump-and-Dump Scheme - Decrypt
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SEC Charges Hawaii Man for Fake Crypto Pump-and-Dump Scheme
The alleged scammer told unwitting investors that he planned to convert securities into cryptocurrency as part of his ruse. A man from Hawaii has been charged by the Securities and Exchange Commission for a scheme in which he allegedly pump
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The Securities and Exchange Commission (SEC) has charged a man from Hawaii for running a fake crypto pump-and-dump scheme. Jeremy Koski allegedly spread fake press releases and redemption notices to deceive investors and drive up the price of shares in a trust fund operated by JCPenney. He also lied about converting the loans into cryptocurrency. Koski admitted to fabricating the fake notices and press releases, acknowledging that he knew their contents were false. The SEC is cracking down on fraudulent schemes in the crypto industry to protect investors from financial scams.
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- SEC Charges Hawaii Man for Fake Crypto Pump-and-Dump Scheme The alleged scammer told unwitting investors that he planned to convert securities into cryptocurrency as part of his ruse.
- A man from Hawaii has been charged by the Securities and Exchange Commission for a scheme in which he allegedly pumped up the price of unsecured loans by spreading fake press releases that promised high returns for early redemptions. He also lied about converting the loans into a cryptocurrency, the agency said.
- The SEC’s New York office charged Jeremy Koski on Friday. He allegedly distributed fake press releases and redemption notices on shares that he owned in a trust fund operated by retailer JCPenney. The agency says Koski knowingly lied to investors to drive up the price of those shares so that he could sell them in a pump-and-dump scheme.
- The shares were from the J.C. Penney Debentures Corporate-Backed Trust Securities Certificates of Structured Products Corp. (COTRP). "[Koski] conceded that he fabricated the fake redemption notices and fake press releases, that he knew their contents were false, and that he published them to try to create artificial interest in and raise the price...
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