November 01, 2016
Michael Reger, Nicholas Shermeta
SANCTION AMOUNT: $8,055,441
Defendants: Michael Reger, Nicholas Shermeta
Alleged manipulative scheme centered around a stock price-based bonus target arranged by scheme participants to be paid by Dakota Plains Holdings, the vehicle for the fraud. Defendants are one of the co-founders of the company and a stockbroker who appears to have participated in the inflation of its stock. A network of friends and associates allegedly choreographed extensive sales and purchases during the bonus period, such that Dakota Plains made bonus payments totaling $32 million to the scheme participants.
- Key Docs
- Official SEC press release