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SEC & DOJ Prosecutions

SEC Wins Summary Judgment or Obtains Settlements with a Total of 16 Defendants for Stock Manipulation

SEC v. Allen Z. Wolfson, Mervyn A. Phelan, Sr., David Wolfson, Kevin Kirkpatrick, Robert H. Pozner, John R. Chapman, Mervyn A. Phelan, Jr., Bonniejean C. Tippetts, Feng Shui Consultants, Inc., (formerly World Alliance Consulting, Inc.), A-Z Professional Consultants Retirement Trust, Inc., AZW Irrevocable Trust, Salomon Grey Financial Corporation, Angelo Paul Koupas, Kyle Rowe, and Christopher Roundtree

  • 2006
  • $1,2 Million

Defendants Allen Wolfson and Phelan, Sr. coordinated the manipulation of OTC stock in Freedom Surf, Inc., a CA-based start-up, with other defendants playing various, ancillary roles. Tactics included false bid quotations, matched trades and unregistered sales through controlled brokerage accounts. Stock price artificially increased from $5 to $40 over two months, and subsequently dropped to $.19.

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