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.