U.S. District Court Orders Defendants to Pay Over $1.2 Million in Microcap Fraud Scheme Case

According to the U.S. District Court of the Eastern District of New York, three individuals were ordered to pay more than $1.2 million for a microcap case that targeted retail investors. The Securities and Exchange Commission charged Matthew Nicosia, from Utah and William (“Rocky”Reininger from California and Ronald Touchard, who were also involved in the scheme. The SEC claims that between August 2019 and September 2020 the defendants conspired to sell microcap stocks fraudulently through false statements made during sales calls or email promotions. Touchard introduced Nicosia, Reininger and Fabrizio di Carlo to Fabrizio who ran a boiler-room that urged potential investors to purchase stock in Odyssey Group International Inc. Allegedly, the defendants shared in profits from illicit stock sales worth over $2.6 Million. Nicosia Reininger and Touchard consented final judgments which permanently prohibit them from violating antifraud laws and impose a five-year penny stocks bar. Nicosia, Reininger and Touchard also face five-year bars as officers and directors. The court ordered them to pay civil penalties, disgorgement and prejudgment interests. DiCarlo has been charged by the SEC and is being prosecuted in Boston Regional Office. The Financial Industry Regulatory Authority also provides assistance.

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The Securities and Exchange Commission is an agency of the United States government that regulates and supervises the securities industry. It was created in 1934 to respond to the 1929 crash in the stock markets and the Great Depression that followed. The SEC has three primary missions: to protect investors, ensure fair and efficient markets and facilitate capital formation.

The SEC reaches its goals by a wide range of activities. The SEC enforces the federal securities laws through investigations and prosecutions of individuals and companies who are engaged in fraudulent and illegal practices on the securities markets. The agency also demands that public companies provide relevant financial information for investors. This ensures transparency and accountability.

The SEC also regulates brokers, investment advisers, securities exchanges and other market participants in order to maintain fair, orderly and transparent markets. The SEC establishes regulations and rules that govern various aspects of securities, including trading practices, disclosure obligations, and registration requirements.

The SEC has a vital role to play in promoting the confidence of investors and the integrity of markets. By enforcing the regulations and providing oversight, they aim to prevent fraud and manipulation in the securities markets. The SEC’s efforts are aimed at creating a level playing ground for investors, and facilitating the efficient allocation capital in the economy.

More information can be found at

SEC’s Website

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