SEC: Dover man ran illegal micro-cap stock shop from his home
Boston Business Journal by Eric Convey, Managing Editor Date: Monday, December 12, 2011, 1:55pm EST
Eric Convey
Managing Editor - Boston Business Journal Email | Twitter
The U.S. Securities and Exchange Commission on Monday accused a Dover, Mass., resident who allegedly called himself “America’s leading micro-cap stock picker” of publishing misleading material to drive up the value and trading volume of certain penny stocks.
The government is seeking a restraining order barring Geoffrey Eiten, 61, and his National Financial Communications Corp. of engaging in certain practices related to stocks and also civil penalties against Eiten. Neither EIten nor his lawyer immediately returned calls seeking comment.
The SEC alleges failed to verify material information he published about companies. In at least one case, the goverment alleges, Eiten vastly underdisclosed the amount he was being paid by a company whose stock he was pushing.
The companies whose shares Eiten allegedly inappropriately pushed were: Clean Power, incorporated in Nevada and based in Canada; Nexaira, incorporated in Nevada and based in Canada; Gold Standard, incorporated in Nevada and based in Agoura Hills, Calif.; and Endeavor, incorporated in Nevada and based in Robesonia, Pa. |
