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Author Topic: Another PennyStock Crook Faces The Music!  (Read 5292 times)
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Vegas
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« on: August 09, 2012, 07:33:25 PM »

Anyone remember Baderra Corporation? Their stock last traded under the ticker ZICX... In fact, I still show shares of it locked in my brokerage account.. Total value is 38 cents... I don't even remember how much money I lost when this POS crashed and burned... I love to see it when some of these criminals get caught...

On May 31, 2012, the Securities and Exchange Commission filed a settled civil action in the United States District Court for the Southern District of Texas, Houston Division, against Steven H. Bethke. In its complaint, the Commission alleges that, from January 2009 through May 2010, Bethke misappropriated share certificates from Bederra Corporation (now known as Zicix Corporation) while he controlled Bederra’s stock transfer agent, First National Trust Company. Bethke used the stolen certificates, which had been pre-printed with the signatures of Bederra officers and directors, to secretly issue over a billion Bederra shares, which he then sold in exchange for payments into his personal bank account of over $350,000. Among other things, Bethke signed purchase agreements falsely warranting that he had good title to the shares and that they were “freely tradable” when, in fact, he had orchestrated the misappropriation of the shares, and the sales were not eligible for any exemption from registration under the securities laws. To carry out his scheme, Bethke forged the signature of Bederra’s chief executive officer on certifications claiming that Bederra was aware of the sales when the company knew nothing about the transactions. Bethke also prepared letters falsely stating that he had obtained the shares from the company more than a year before, and that the sales were therefore exempt from registration under the securities laws.

Without admitting or denying the allegations in the Commission’s complaint, Bethke consented to a final judgment enjoining him from violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; barring him from serving as an officer or director of a public company; barring him from participating in the offering or sale of a penny stock; and ordering disgorgement plus prejudgment interest, but waiving payment and not imposing a civil penalty based on Bethke’s financial condition. The judgment is subject to court approval. Bethke also consented, with respect to a related SEC administrative proceeding, to the entry of an SEC order barring him from association with any investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical organization.

http://sec.gov/litigation/litreleases/2012/lr22385.htm
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♦♦♦ Give me control of a nations money supply, and I care not who makes it’s laws... Mater Amschel Rothschild ♦♦♦
Leftcoaster
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« Reply #1 on: August 09, 2012, 08:41:36 PM »

I remember Bederra! I've got 0.16 worth of ZICX  in my own account. It sounds like a slap on the wrist, 'You can't do that ever again' type of penalty, unless he finds a way to partner with someone to do it for him...
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Vegas
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« Reply #2 on: August 10, 2012, 10:53:35 AM »

I remember Bederra! I've got 0.16 worth of ZICX  in my own account. It sounds like a slap on the wrist, 'You can't do that ever again' type of penalty, unless he finds a way to partner with someone to do it for him...

That is exactly what I thought... That is major theft... Why isn't this POS rotting in prison?
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♦♦♦ Give me control of a nations money supply, and I care not who makes it’s laws... Mater Amschel Rothschild ♦♦♦
justonian
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« Reply #3 on: August 10, 2012, 11:05:03 AM »

Ugh, that doesn't make sense.  I am hoping for some justice on the SPAH CEO with his boiler scheme.  Kind of ridiculous that their penalties are a "No No, don't do that!".  If someone robs a store or a bank, they face serious jail time, yet if they rob hundreds of thousands, or in the case of SPAH, several MILLIONS, they get a slap on the wrist. 

Hell, tax evaders even get federal prison sentences.  I guess if you steal from the government, it's a serious crime, but when you steal from citizens, they don't give a f*$k.
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10yearplan
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« Reply #4 on: July 22, 2013, 09:31:25 PM »

http://seekingalpha.com/article/1545312-how-to-spot-a-stock-scam-part-2-selecting-and-setting-up-the-pump-n-dump-target

    The Microcap Task Force

    The Microcap Fraud Task Force will investigate fraud in the issuance, marketing, and trading of microcap securities. These abuses frequently involve serial violators and organized syndicates that employ new media, especially websites and social media, to conduct fraudulent promotional campaigns and engage in manipulative trading strategies to amass ill-gotten gains, largely at the expense of less sophisticated investors. The principal goal of the Task Force will be to develop and implement long-term strategies for detecting and combating fraud in the microcap market, especially by targeting "gatekeepers," such as attorneys, auditors, broker-dealers, and transfer agents, and other significant participants, such as stock promoters and purveyors of shell companies.
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10yearplan
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« Reply #5 on: August 12, 2013, 02:29:44 PM »

http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539762224#.UgkoNKzwZMG
“This Risk Alert encourages awareness of options trading activity used to avoid complying with the close-out requirements under Regulation SHO,”
These include:
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10yearplan
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« Reply #6 on: August 14, 2013, 09:39:43 PM »

man..not getting any easier for penny promotors
http://in.mobile.reuters.com/article/idINL2N0GE0Q920130813?irpc=932
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