MIAMI (CN) – The SEC charged two Florida-based companies and their CEOs with running pump-and-dump stock schemes, during which the CEOs sold their stock at prices goosed by bogus press releases. The SEC sued Quri Resources and its CEO Jaime Santiago Gomez, and Atlantis Technology Group and its CEO Christopher Dubeau, in separate federal complaints.
Santiago, of Miami and Quito, Ecuador, falsely claimed that he had a gold mine in Ecuador worth $1 billion, according to the SEC complaint.
Dubeau, of Weston, Fla., claimed he had deals with TV networks to sell telecom services “that did not even exist,” the SEC said in announcing that complaint.
“Both companies misled investors with exaggerated claims while their respective senior executives illegally dumped shares into the market,” the SEC’s regional director Eric Bustillo said in a statement.
Gomez made $17,500 from his pump and dump scheme and Dubeau netted $240,000, according to the complaints. The SEC wants the money back, and penalties and injunctions.