MIAMI (CN) - The SEC on Monday accused several penny stock companies, their officers and promoters of using bribes and kickbacks to hype microcap stocks.
The two federal complaints - one against Yan Skwara and US Farms Inc., and another against Harold Steven Bonenberger and Angel Acquisition Corp. nka Biogeron - are part of a fourth round of SEC lawsuits against penny stock operators in South Florida, the SEC said.
"Some of these latest schemes involved the payment of undisclosed kickbacks to a pension fund manager in exchange for the fund's purchase of restricted shares of stock in the various microcap companies," the SEC said in a statement. "Other schemes involved an undisclosed bribe that was to be paid to a stockbroker who agreed to purchase a microcap company's stock in the open market for his customers' discretionary accounts."
Angel Acquisition/Biogeron is based in Carson City, Nev., and Carlsbad, Calif.
US Farms is based in San Diego and Fallbrook, Calif., and its CEO Skwara lives in San Diego, the SEC said.
The SEC filed similar federal complaints against these defendants: Robert L. Cotton and Cotton & Western Mining Inc.; Kevin P. Brennan, Donald G. Huggins, Marc S. Page and Optimized Transportation Management Inc.; Douglas D. Hague and Clean Coal Technologies Inc.; Scott A. Haire and Wound Management Technologies Inc.; Joseph J. Repko, Michael M. Cimino and Sure Trace Security Corp.; all in Fort Lauderdale.