NEWARK, N.J. (AP) - A federal grand jury in New Jersey has indicted a Las Vegas investment adviser accused of accepting hundreds of thousands of dollars in cash kickbacks.
Prosecutors say Donald Toomer got the money in return for his help in getting clients to purchase microcap stocks that were the subject of a stock market manipulation scheme.
The 44-year-old Henderson, Nevada man faces single counts of conspiracy to commit securities fraud and investment adviser fraud and two counts each of securities fraud and investment adviser fraud.
Toomer’s attorney, Michael Critchley, said he was certain his client would be exonerated once “all the facts are revealed.”
Prosecutors say that between 2008 and 2010, Toomer participated in an extensive “pump-and-dump” scheme in which he and others fraudulently inflated the prices of certain shares so they could sell them later at artificially inflated prices.
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