Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Wednesday, June 12, 2024 | Back issues
Courthouse News Service Courthouse News Service

SEC Says Recidivist Securities Dealer Just Won’t Stop

ALEXANDRIA, Va. (CN) - Michael Saquella aka Michael Paloma violated a court order restraining him from securities fraud by "orchestrat(ing) the unlawful public offerings of securities of at least seven companies and the subsequent manipulation of the securities of those companies" in the past four years, the SEC claims in Federal Court.

Operating with co-defendant Lawrence Kaplan, Paloma gained control of seven small companies by fraudulently promising to raise hundreds of thousands of dollars for them, the SEC says. He and Kaplan illegally arranged straw men to buy and sell shares on the Pink Sheets, "including wash sales and matched orders," which inflated the share price, the SEC says. He gave Kaplan hundreds of thousands of shares, pumped prices through "blast fax and spam email" and then both men dumped their shares, the SEC says. Paloma, 47, lives in Mesa, Ariz., Kaplan, 63, in Scottsdale. The SEC claims attorney Kenneth Christison, a member of the California Bar, drafted legal opinion letters for Paloma. The illegally offered and manipulated securities are Courtside Products, and Xtreme Technologies, both of Spokane

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...