Soreide Law Group has filed several FINRA arbitration claims against financial advisors who were allegedly involved in a 'pump-and-dump' scheme involving shares of Cubed, Inc., The Staffing Group Ltd., CodeSmart, and StarStream Entertainment Inc.
In a 'pump-and-dump' scheme, the broker/financial advisor pumps up the price of the stock to their clients to give the appearance that it is in demand after they have personally purchased it at lower price. This artificially increases the stock's value. When the stock price begins to rise, brokers then purchase the stock for their clients. When the price is high after a demand is created, the brokers dump their shares, and the stock which has an inflated value, drops considerably and the client in turn loses their investment after the broker has personally cashed in his stock on the upswing.
From 2012, the brokers allegedly purchased shares in Cubed, Inc., The Staffing Group Ltd., CodeSmart, and StarStream Entertainment Inc. for their clients, even when they were 'dumping' their own shares in the companies. Currently, several brokers involved in this scheme have been indicted by the U.S. Attorneys Office in New York, and the U.S. Securities & Exchange Commission (SEC) has filed a civil action against them.
Soreide Law Group will represent clients nationwide before FINRA. If your broker/financial advisor involved you in this 'pump and dump' scheme and you have experienced heavy financial losses, please call an attorney for a free consultation on how to potentially recover your losses: 888-760-6552.
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