SEC Charges Cort Poyner and Mohammad Dolah with Market Manipulation

SEC v. Cort Poyner and Mohammad Dolah, Case No. CV 13-4331 (E.D.N.Y).  On August 6, 2013, the SEC announced fraud charges against Cort Poyner and Mohammad Dolah in
connection with an alleged bribery scheme designed to manipulate the market for Resource Group International, Inc. (“Resource Group”) and Gold Rock Resources Inc. (“Gold Rock”) stock.  According to the SEC, Poyner, a repeat offender, and Dolah entered into a kickback arrangement with an individual whom they thought represented several registered representatives who would solicit customer purchases of stock in exchange for kickbacks.  Poyner and Dolah promised the individual kickbacks of 25% to 35% if the individual would get the registered representatives to buy up to $2 million of Resource Group stock and $1 million in Gold Rock stock.  The SEC alleges that Poyner and Dolah told the individual to get the registered representatives to buy shares in both companies.  Then, they paid the individual cash bribes of about $14,000.  The SEC charged Poyner and Dolah with violating Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5.  The SEC seeks injunctive relief, disgorgement of, and financial penalties from Poyner and Dolah.  The SEC also seeks penny stock bars.

This entry was posted in Securities and tagged , , , , . Bookmark the permalink.