Swiss Co. Hit With Civil, Criminal Stock Plot Charges

Law360 (January 2, 2020, 7:55 PM EST) -- New York federal prosecutors on Thursday announced criminal charges against a Swiss asset management firm, its owner and a Danish accomplice, claiming the duo earned millions off an elaborate pump-and-dump securities fraud scheme spanning six years.

According to an indictment released Thursday, the firm, Blacklight SA, its founder Kenneth Ciapala and his associate Ulrik Debo operated the scheme since 2013, gaining controlling stakes in publicly traded microcap companies and then launching campaigns to push the microcap stocks’ trading price up.

Ciapala and Debo’s machinations involved the use of shell bank accounts and brokerage accounts and shell companies to obscure stock ownership...

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