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glassman
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U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21053 / May 21, 2009

SEC Charges Eight Participants in Penny Stock Manipulation Ring

The SEC’s complaint further alleges that:

* The pump-and-dump scheme involving GH3 International, Inc. stock occurred between October and December 2006. Dynkowski orchestrated this fraud with Matthew W. Brown, who operates a penny stock website called InvestorsHub.com. Brown introduced Dynkowski to a representative of GH3 and to Jacob Canceli, a penny stock promoter who participated in the scheme. Brown acted as a liaison between Dynkowski, Canceli and the issuer. Dynkowski and his associates used wash sales, matched orders, and other manipulative trading, timed to coincide with false, misleading and touting press releases by the company, to inflate the price of GH3 stock. Canceli provided the accounts from which Dynkowski subsequently sold purportedly unrestricted shares received from the issuer. The scheme culminated in mid-December 2006, with Dynkowski dumping 312 million shares of GH3 stock for total illicit proceeds of $747,609.



http://www.sec.gov/litigation/litreleases/2009/lr21053.htm

[ May 22, 2009, 22:19: Message edited by: glassman ]

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glassman
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*Brown planned the Asia Global pump-and-dump scheme with Joseph Mangiapane Jr. and Marc J. Riviello, who were both registered representatives at a small broker-dealer in California. Dynkowski and Nathan M. Michaud, who met through InvestorsHub.com, pumped the price of Asia Global stock using wash sales, matched orders and other manipulative trading, coordinated with false, misleading, and touting press releases by the company. The scheme occurred in three cycles: August-September 2006, November-December 2006, and January-February 2007. After manipulating the price of stock, Dynkowski, Brown, Mangiapane and Riviello dumped more than 54 million shares that had been improperly registered on SEC Form S-8 and held in nominee accounts. The illicit proceeds from this scheme totaled at least $4,050,529.


http://www.sec.gov/litigation/litreleases/2009/lr21053.htm

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glassman
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this is more than just civil SECcharges too, DOJ is involved:

U.S. Department of Justice
United States Attorney’s Office
District of Delaware
The five indictments were unsealed late yesterday, following arrests in Ft. Lauderdale, Florida,
and Los Angeles, and Orange County, California.1 The seven defendants named in the indictments
are:
• Pawel Dynkowski, age 24, formerly of Newark, Delaware;
• Joseph Mangiapane, Jr., age 43, of Laguna Niguel, California;
• Marc Riviello, age 50, of Atherton, California;
• Matthew W. Brown, age 26, of Aliso Viejo, California;
• Jacob Canceli, age 50, of Mission Viejo, California;
• Gerard D’Amaro, age 38, of Lighthouse Point, Florida; and
• Angelo R. “Bill” Panetta, age 48, of Montebello, California.
The companies whose stocks the defendants are charged with manipulating and conspiring


http://www.usdoj.gov/usao/de/press/2009/Pump%20&%20Dump%20Stock%20Schemes%20Indi ctments.pdf

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CashCowMoo
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Nice find glass....IHUB is a playground for manipulation and piece of shi** CEOs


I hang around on some boards there. Whole different perspective though.

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glassman
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i bet they uncover a bunch more stink over there.

i've always considered the place to be a zoo.

i wonder what Janice thinks about this?

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glassman
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i wonder if Matt will find himself on the other side of bars?

The Jailhouse (JAIL) |
Moderator: IH Admin [Matt] Assistants: Churak Boardmarks: 691
Created: 5/4/2000 11:37:52 PM


http://investorshub.advfn.com/boards/board.aspx?board_id=38

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CashCowMoo
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IHUB is dirty and in bed with pink CEOs to pump! Just like Willy Wizard is and all his miserable pump and dump time after time his followers sickly follow....he doesnt have much of a following anymore after the smart ones figured him out.

Hey Glass you know how to get ahold of Janice? Is she on allstocks?

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It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so.

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glassman
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go to ihub and post anywhere, "hey Janice Shell!" ,

she'll repsond eventually.

it's like she has a search bot alerting her that she's been mentioned.

go to known scams and she's usually there arguing with the pumpers...

she has a real job at an art museum or something so it's usually in the evenings that she shows up..

i don't have time to track her and ask her for an opinion on the situation right now, but my guess is that iHub may be sold or tainted so bad that it gets shut down.

Bob? you ready to get that many new posters?

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Lockman
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I-HUBs got big problems over this, although there is money to be made if you know the game.

I didn't think Matt would be dum enough to let it get this close to him. Guess money has a way of making people act stupid.

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glassman
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aparently he's only 26 and just bought the site a couple years ago.

anybody who reads the boards for awhile begins to sort out the bad players. islum is full of 'em

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Lockman
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quote:
Originally posted by glassman:
aparently he's only 26 and just bought the site a couple years ago.

anybody who reads the boards for awhile begins to sort out the bad players. islum is full of 'em

Well if this does bring down the I-HUB site it won't stop the formate, it's been way to successful.

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cassity
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If their guilty I hope they find a nice friend in prison that makes them feel like their bi..h.. [Smile]
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Pagan
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quote:
Originally posted by glassman:
aparently he's only 26 and just bought the site a couple years ago.

anybody who reads the boards for awhile begins to sort out the bad players. islum is full of 'em

Matt brown has been with Ihub since it's first inception, circa 2000. The website is now owned by ADVFN based out of the UK. No matter what happens to Matt Brown, it should have little impact on IHub. Since the allegations of wrongdoing occured before the new owners took over. JMO

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glassman
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quote:
Originally posted by CashCowMoo:
IHUB is dirty and in bed with pink CEOs to pump! Just like Willy Wizard is and all his miserable pump and dump time after time his followers sickly follow....he doesnt have much of a following anymore after the smart ones figured him out.

Hey Glass you know how to get ahold of Janice? Is she on allstocks?

Janice can be found here moderating a board about the legal situation no less.


http://investorshub.advfn.com/boards/board.aspx?board_id=15452
i thought Matt was the new owner.... i guess the SEC makes a distinction between operating and owning...

Dynkowski orchestrated this fraud with Defendant Matthew Brown,
who operates a penny stock website called InvestorsHub.com.


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The Bigfoot
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I know Matt's handle. I wish they would release the different handles the other guys were posting under.

Yah, I often go there to gauge investor sentiment on potential picks, but I've followed enough threads over there while watching the trading to get a distinct smell in my nose. Another reason why I rarely want to hold stocks overnight anymore. To many dubious agendas out there and too many who think it is fun to game the system.

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Bob Frey
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quote:
Originally posted by glassman:
Bob? you ready to get that many new posters?

Should be no problem from here.

[Smile]

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Is something wrong with my Math? Brown was only 17 when started IHUB?

I read through quite a bit of the thread regarding this situation. Lot of BS posts to go through to get to the real discussion, I think there were over 1,500 posts within less than 24 hours of the thread starting.

Matt Brown became the site Administrator after selling out to ADVFN. He was the Owner when this happened. The handles of the players was posted on that board the ring leader went by EVO. He was still at large as off Thursday night. I haven't had the time or will to sift through the board since Thursday. Whether Matt is guilty or not who knows but it doesn't look good from what I have read.

In general, IHUB isn't policed near as well as Allstocks when it comes to pumpers. If you see a board with a lot posting and stock making a big move you are almost assured that some type of Pump and Dump is going on. Usually it doesn't have as much to do with the company being involved or a scam like this one was but more about seasoned "Traders" do what they can to feed the frenzy and get out with big profits.

Of course, no matter what the case we all are responsible for deciding to enter a stock and doing our own DD. Too many people get caught up in the excitement and throw caution to the wind, get greedy and then look to blame anyone they can for their losses. The deck is stacked against the average investor and I blame the SEC for not addressing at all or when they do address it, It's years after the fact. I mean think about it, stocks like SLJB, CSHD and others are still trading.

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Peaser
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Wally, you mentioned seasoned traders in the previous post.

I learned much of what I know from a seasoned trader.

My advise to all is, assume that all penny stocks are scams, get in and get out. Don't hold onto the pennyworld too long or you're bank account will become pennyworld.

The most I ever made on a penny trade - 30K.

I just got lucky, cause some group got wind of the same stock about the time I got in.

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glassman
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I read through quite a bit of the thread regarding this situation. Lot of BS posts to go through to get to the real discussion, I think there were over 1,500 posts within less than 24 hours of the thread starting.



and now you can only post if you are paid subscriber.

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Peaser
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...seriously glass?

IHUB only allows paying members to post now?

Don't they own theliondotcom too?

a lot has changed in 6 months...

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glassman
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just in the topic where they are allowed to discuss the SEC and criminal charges.

you know how they are about off topic discussion over there, so you can only discuss it there if you are a paid member..

i am pretty surprised ther SEC bothered..

i am glad to see DOJ going hand in hand with the SEC finally. i've been asking for that for years.

i've seen clear cases of fraud get a measly fine and the person banned from being involved in a public co for five years in the past.

somebody said that Matt faces up to 100 yrs in jail.. that's the kind of thing that cleans up the markets quick...

i'd like to see that action at the S&P 500 level too...
the hedgies big trades make this case look like, well, like pennies [Big Grin]

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T e x
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wow...been so busy moving that I've missed a lot of news...

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Nashoba Holba Chepulechi
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T e x
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I can't get any page there to load--am assuming the servers are overloaded...

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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glassman
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http://investorshub.advfn.com/boards/read_msg.aspx?message_id=38087214

that;s the board Tex good luck trying to make any sense of the posts tho.

seem like alot are in denial and alot are angry.

most everybody "pretends" to be shocked, i dunno why.

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Peaser
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No shock and awe here bud.

Pretty much expected it all.

Anyhooo. One gets what one pays for??? [Big Grin]

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The Bigfoot
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quote:
Originally posted by glassman:

seem like alot are in denial and alot are angry.

most everybody "pretends" to be shocked, i dunno why.

My take on the scenario?

The ones who are in denial are the sheep, the ones who are angry are the wolves, and the ones who are 'shocked' are the traders who learned how not to be sheep.
[Big Grin]

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T e x
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quote:
Originally posted by glassman:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=38087214

that;s the board Tex good luck trying to make any sense of the posts tho.

seem like alot are in denial and alot are angry.

most everybody "pretends" to be shocked, i dunno why.

Finally got it to load...read a few posts, not many.

Will be interesting to monitor, from time to time.

This is interesting:

http://www.gosanangelo.com/news/2007/feb/17/troopers-aid-scam-case/

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Nashoba Holba Chepulechi
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Machiavelli
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quote:
Originally posted by glassman:
somebody said that Matt faces up to 100 yrs in jail.. that's the kind of thing that cleans up the markets quick...


I doubt he will even get 10 years. They always use that "100 yrs" in the press to scare people but never happens. He will pay a big fine and probably do 5 or less.

As for the markets, it may affect it at first but as soon as things quiet down it's business as usual. Crooked business that is.

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The Bigfoot
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That is an interesting story you posted there Tex.

Get a couple more stories like that where a good chunk of money is recovered and it might become fashionable to haul in white collar criminals again. Lord knows this is the right environment for it right now.

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T e x
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quote:
Originally posted by The Bigfoot:
That is an interesting story you posted there Tex.

Get a couple more stories like that where a good chunk of money is recovered and it might become fashionable to haul in white collar criminals again. Lord knows this is the right environment for it right now.

oh, thanks...

ya, odd to me, the San Angelo connection. If I were doing business offa the books, I doubt I'd use San Angelo in my route. That'd be kinda like dragging honey through a fire-ant bed...

From the very little I've read, I doubt that either Matt or Bill Pannetta will get much sanction, but the apparent principal may be in deep--nick = EVO on da hub, if I'm reading correctly.

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Nashoba Holba Chepulechi
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glassman
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i wouldn't take anything i read on the hub seriously.
for starters? the DOJ is now involved- this changes everything.

in the past the SEC has made civil cases against most perps on the markets.

very few cases have gone to Federal Court, a few notable exceptions were in Enron, and healthsouth, those were CEOs, not traders. i've seen pure fraud perps involved in trading get a fine and no more from the SEC, i've seen admissions of guilt and no lo contendre pleas with no penalty


the SEC doesn't put people in jail. they simply sanction people using the civil system.

the DOJ makes good cases, they tent to send 90% of people that go to court to jail.

sure 100 yrs total equals 5 yrs realtime, usually people take a plea bargain instead of facing the 100 yrs.

the SEC should be a permanent part of the DOJ, that would clean the markets up alot.

too many people are able to still make a big profit after paying fines and never see jail.

jailtime for white collar crime even in the million dollar range is rare, but a street crimnal invloved in a 1000$ theft could and often does get years.


change that and you'll see different behaviour patterns on Wall st.

i believe the general public is demanding just that.

this case has been under investigation for a couple years, these charges are not likely trumped up.

the fact that Matt is still working as Admin is telling about the ownerships attitude. they don't care. even if they know he's innocent? it is common practice to set someone aside until the indictmants are cleared up in any business.

this case should be considered a serious warning to people manipulating the markets illegally. they are interested in you. [Wink]

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T e x
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ya, have read some more. Matt has several charges against him. Very serious...

He should be on some sort leave, publicly notified.

And here's something I haven't seen questioned (although it may have been, early on):

Why did Matt wait so long to address it? Wouldn't he have known something in April? Wouldn't he have alerted the company weeks ago?

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Nashoba Holba Chepulechi
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glassman
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IMO? it's just business as usual over there Tex.

my take is that they see it as part of the cost of doing biz.


now th eplea agreeemnts are what i would like to see.

anybody that Matt knows was/is an "operator" over there is likely to be in the next wave, and that would be huge, and Matt will prolly be in witness protection [Wink]

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Pagan
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quote:
Originally posted by glassman:
IMO? it's just business as usual over there Tex.

my take is that they see it as part of the cost of doing biz.


now th eplea agreeemnts are what i would like to see.

anybody that Matt knows was/is an "operator" over there is likely to be in the next wave, and that would be huge, and Matt will prolly be in witness protection [Wink]

Good lord Glass, you're getting carried away again. What next wave? Jeez, where do you get that from?

By your logic, if ever there is an SEC charge filed against someone running a P/D on AS, guess that makes you and Tex part of that next wave as well? Get real, wait a bit before making such assumptions, it's too early for that IMO.

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glassman
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quote:
Originally posted by Pagan:
quote:
Originally posted by glassman:
IMO? it's just business as usual over there Tex.

my take is that they see it as part of the cost of doing biz.


now the plea agreements are what i would like to see.

anybody that Matt knows was/is an "operator" over there is likely to be in the next wave, and that would be huge, and Matt will prolly be in witness protection [Wink]

Good lord Glass, you're getting carried away again. What next wave? Jeez, where do you get that from?

By your logic, if ever there is an SEC charge filed against someone running a P/D on AS, guess that makes you and Tex part of that next wave as well? Get real, wait a bit before making such assumptions, it's too early for that IMO.

huh?

if i was still playing pennies? i could pick all the p&d personas for investigation that post on the board. the only way to make money on them is to recognise who has the ability to make it work and get in out quick. ignore the ones who are clueless.

knowing it's a P&D and being "in" on it illegally are two diferent things.

i used to run specific screeners to spot the P&D'ers when they BOUGHT in and then track them when they began posting at different boards. the Feds could do that if they wanted to.

lemme tell you something else. we had posters booted for non-dislocure here.

i know this game inside out and backwards, you don't think i've been approached to participate in P&D?

rather than get involved i just refused to "know" the people.

if you don't think 90% of these pennystocks aren't being operated by P&D then you are just ignoring them.

if Matt has to become an "analyst" for the Feds or go to jail? i bet he chooses analyst. i would and could.

the Feds don't file charges they expect to lose. it's just not done.

the guy at healthsouth got off by running newspaper articles in Alabama, where he was being tried, portraying himself as a good Christian...

the evidence against him was complicated and that allowed the jury to "find" a shadow of doubt, but that is a rare case indeed.

given the mood of the country right now? i would not want to risk trial.

--------------------
Don't envy the happiness of those who live in a fool's paradise.

Posts: 36378 | From: USA | Registered: Sep 2003  |  IP: Logged | Report this post to a Moderator
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