- Associated Press - Thursday, July 13, 2017

SAN DIEGO (AP) - A San Diego man was one of 14 people indicted in what federal prosecutors are calling a massive $147 million stock swindle that manipulated share prices and trading volume in five companies.

The San Diego Union-Tribune reports (https://bit.ly/2t7fyJN ) 65-year-old Lawrence David Isen was charged in a three-year-long “pump-and-dump” scheme targeting elderly investors with high-pressure sales tactics. He appeared in federal court on Wednesday in San Diego for a formal proceeding to remove his case to New York, where it will be heard.

The indictment accuses the defendants of acquiring stocks at below-market prices from insiders at five companies, and then engaging in a sequence of stock trades aimed at artificially pumping up the price of the stock.

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Information from: The San Diego Union-Tribune, https://www.utsandiego.com

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