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SEC Calls 2 Stock Promoters Corrupt

LAS VEGAS (CN) - Two corrupt stock promoters paid kickbacks to a third stock promoter, also corrupt, to manipulate the stock price of Swedish Vegas, the SEC claims in Federal Court. Swedish Vegas, based in Arcadia, Calif., and not registered with the SEC, claims it plans to "launch a series of themed eateries with an extensive beer and wine menu and reasonably priced lunches, dinners and appetizers."

Defendant Alex Kanakaris, 52, of Newport Beach, is a stock promoter and CEO of Wi-Fi TV. The SEC says it permanently enjoined him in 1999 from committing securities fraud "for his involvement in an offering fraud related to his former company, Kanakaris Communications."

Defendant Richard Epstein, 60, lives in Parkland, Fla.

Swedish Vegas is not listed as a defendant.

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