Thursday, March 18, 2010

SEC Freezes Russian Investment Company Assets

The U.S. Securities and Exchange Commission (SEC) obtained a court order to freeze assets of Russian investment company BroCo and its president Valery Maltsev. The SEC alleges that BroCo manipulated stock prices through its clients' U.S. online brokerage accounts and reaped at least $255,000 in ill-gotten gains. Maltsev responded that the clients operated the accounts themselves and that the likely cause of the SEC attention was the traders' high earnings.

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