Carlos Eduardo Reyes Alvarez of Port Saint Lucie (Florida) was found guilty of a conspiracy to manipulate the trading of 28 microcap stock on April 27,2023 by the U.S. District Court of New York’s Southern District. The court’s judgment includes a permanent injunction which prohibits him from violating federal securities laws.
Reyes is accused of manipulating the market between November 2017 and April 2019 by taking substantial positions on thinly-traded, over-the-counter stock, and then fraudulently stimulating interest in these stocks via unauthorized press release. He also allegedly used wash trading to boost the stock prices of at least four companies by creating a false appearance of an active market. Reyes made $368,045 profit by selling the securities at high prices.
Reyes, without admitting to or denying the allegations, agreed to the judgement, which prevents him permanently from violating Sections 17,a) of Securities Act of 1933 as well Sections 9,a)(1) and 9a)(2) of Securities Exchange Act of 1933. He also agrees not violate Rule 10b-5. Reyes is ordered to disgorge $368.045 of his ill gotten gains, pay $76,843 in pre-judgment Interest, and pay a civil penalty $160,000 as part of this judgment. Reyes is also prohibited from serving as a director, officer or penny stock offering. In addition, the judgment bars him from participating in certain activities that are intended to induce people to buy or sell securities or from earning compensation for them.
Thomas P. Smith, Jr. supervised the SEC investigation conducted by Kristine Zaleskas, Rick Tong, Jason Schall, Michael Paley, and Rick Tong. The SEC thanked the Financial Industry Regulatory Authority in this case for its assistance.
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