SEC v. Robert Crane, Case No. 1:13-cv-00261 CMH (E.D. Va.). On March 7, 2013, the SEC announced a settled fraud action against Robert Crane for manipulating the market for certain penny stocks. The SEC alleges that Crane executed six wash sales to create a false appearance of a real market for two securities. Crane would order stock over the internet to trade in different accounts at different brokerage firms. However, there was never a change in beneficial ownership of the stock. Crane did not make any money from his conduct. Without admitting or denying the charges, Crane consented to entry of a final judgment enjoining him from violations of Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. Crane also agreed to a penny stock bar against. He did not pay any financial penalties due to his sworn representations concerning his financial condition.
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