Todd Zinkwich, a Florida resident, has been hit by a final judgement from the U.S. District Court of Boston due to his involvement in a plan to manipulate the microcap stock market. The Securities and Exchange Commission had obtained a partial judgement against Zinkwich that included multiple injunctions.
According to SEC’s complaint Zinkwich received thousands of dollars in microcap stocks from groups and individuals who wanted to artificially raise the demand for stocks of certain issuers. Zinkwich and his associate Eric Landis allegedly executed thousands of trades on various Landis-controlled accounts, including Zinkwich’s. This created the appearance of an increased demand. Landis’ involvement in the fraudulent scheme was separately charged by SEC, and Landis received a final verdict. Zinkwich’s manipulative scheme allowed his clients to sell millions shares of stock for inflated prices. This created the appearance of increased activity.
Zinkwich, as part of the final judgement, has agreed to an injunction which prohibits him from breaking the antifraud provision of the Securities Act of 1932 and the market manipulation and Antifraud provision of the Securities Exchange Act of 1935. Zinkwich is also prohibited from participating in penny stock offerings. Zinkwich was also ordered to pay disgorgement of over $300,000. In light of Zinkwich’s financial state, the court has waived most, if not all, of the payment.
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Securities and Exchange Commission is the regulatory agency of the United States, responsible for enforcing and overseeing federal securities laws. Its primary goal is to protect investors and maintain fair, efficient, and effective markets.
The SEC mandates that companies disclose financial information relevant to the public. This ensures transparency, and allows investors make informed decisions. The SEC also regulates brokers, securities exchanges and investment advisors in order to ensure fair practices, prevent fraud and manipulation on the financial market.
The SEC has a vital role to play in enforcing the securities laws, investigating possible violations, and taking legal action against individuals, or entities, involved in fraud activities. It can bring civil lawsuits against individuals or entities, impose fines or even file criminal charges.
SEC provides resources and guides to help investors avoid scams and invest wisely. It also works closely alongside other regulatory agencies to promote global regulations and cooperation.
SEC’s overall role is to protect the United States capital markets by ensuring fairness and efficiency, protecting the interests of investors, and ensuring that securities transactions are conducted in a transparent and honest manner.
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