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Sunday, May 19, 2024 | Back issues
Courthouse News Service Courthouse News Service

Regency Group Accused of ‘Pump-and-Dump’

DENVER (CN) - The Securities and Exchange Commission has accused the Regency Group and its principal owners of defrauding investors of millions of dollars through "pump-and-dump" schemes with two penny stocks, in Federal Court. The defendants hyped the stock of biotechnology startup Xpention and surveillance startup HS3 by merging them with shell companies, which "created the appearance that Xpention and HS3 stocks qualified to be traded publicly," the SEC claims.

The defendants allegedly touted the stocks as outstanding buys, and then sold their shares for a profit after artificially inflating the stock's value.

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