Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: jmhollen who wrote (118933)	9/8/2003 11:03:18 AM
From: StockDung	Respond to of 150070

SEC Accuses Marx Toys CEO Of Pump-And-Dump Scheme WASHINGTON (Dow Jones)--The Securities and Exchange Commission initiated proceedings Friday against the chief executive of a toy company and a New Jersey stock promoter for an alleged "pump-and-dump" scheme. According to the agency, Steven Wise, CEO and sole director of Marx Toys & Entertainment Corp. (MRXT), and Larry Vindman have fraudulently boosted the company's stock price in order to sell shares at an inflated price. Vindman is a New Jersey stock promoter, the SEC said. Wise and Vindman allegedly paid at least two registered broker-dealers kickbacks consisting of 100,000 Marx Toys shares to make a market for the company's shares and to solicit their clients to purchase the shares at inflated prices. The two men also offered additional Marx Toys shares to the brokers depending on the amount of shares they sold to their clients, the SEC said. These agreements were never disclosed to clients, the agency added. Dana Salzarulo, with media relations firm JD Merlin & Associates, said he had no comment and hasn't been able to reach Wise. Messages left at the Sebring, Ohio, company weren't immediately returned. The SEC said a hearing will be scheduled before an administrative law judge to determine whether the allegations are true, but no date has been set yet.