MANHATTAN (CN) – Four stock promoters manipulated the share price of Guyana Gold Corp. by bribing a trader, the SEC says in Federal Court. The SEC claims the hucksters promised a registered representative 30% kickbacks for buying up to $5 million in Guyana stock, and the rep did buy $72,000 in shares, for which he was paid $14,000.
The SEC sued Glenn Grossman, 33; Lawrence Steven Cohen, 35, both of Cedarhurst, N.Y.; David Schmidt; and John Zanic, of Vancouver, B.C.
Las Vegas-based Guyana Gold is a penny stock that trades on the pink sheets; it is not registered with the SEC.
The SEC says Guyana “purports to be a gold and mineral exploration company” but “conducted no operations during the fiscal years ended Dec. 31, 2007 and Dec. 31, 2006 and has never generated revenue.”