The SEC (Securities and Exchange Commission) ordered a federal judge to temporarily freeze the assets of company director Charles Huttoe last week, alleging he used the Internet to orchestrate "massive and ongoing manipulation" of stock belonging to his company Systems of Excellence.
According to SEC reports, the alleged fraud was conducted over the Internet using an electronic stock 'tip sheet' from SGA Goldstar Research. The tip sheet is used to rate shares which regulators claim were obtained at Mr Huttoe's command.
The reports allege Systems of Excellence was able to swindle more than $10 million (#6 million) by trading shares in the company for less than a dollar to members of the Huttoe family and members of SGA. By way of erroneous press releases and announcements, claiming multimillion dollar deals, Huttoe was able to raise the value of the company and sell off the shares once they had reached $5 each.
A formal hearing on the case is scheduled for 21 November.
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