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Market Maker Settles Pump-and Dump Charges - SEC
Darren Goodrich, a market maker and registered rep formerly with BMA Securities, agreed to pay over $800,000 and admit wrongdoing to settle SEC charges that he helped facilitate a scheme to manipulate the stocks of BioNeutral Group, NXT Nutritionals Holdings, Clear-Lite Holdings and Mesa Energy Holdings. Goodrich also pleaded guilty today to criminal charges filed by the U.S. Attorney's Office for the District of New Jersey.
In this case, Goodrich facilitated the profitable dumping of the issuers' stock by using his dual role as market maker and registered rep to arrange for coordinated and matched trading between and amongst accounts owned or controlled by his associates.
Also named as defendants were: Samuel DelPresto and MLF Group, both of Holmdel, NJ, and Donald Toomer of Las Vegas, NV, all of whom the SEC previously charged with fraud for their respective roles in the alleged scheme.
