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Anscott Scam Took $5 Million, SEC Says

TAMPA (CN) - Two penny stock promoters and the CEO of Anscott Industries gulled investors for $5 million by driving the price of Anscott shares from $1.40 to $4.59 with fraudulent, faxed "newsletters" such as the "Wall Street Bulletin," the SEC claims in Federal Court.

Stock shill Robert Esposito, 47, of Valrico, Fla. led the scam, the SEC says. He is sole proprietor of Virtual Consulting, of Brandon, Fla.

Anscott CEO Jack Belluscio, 46, of Saddle River, N.J., approved the scam, which Esposito ran with help from his fellow stock huckster Gregory A. King, 55, of Tampa, the SEC says.

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