California man arrested in alleged pump-and-dump penny stock scheme
A
A message left at the law office that represented Padilla in his
According to a court affidavit, the manipulative trading operation occurred between February and
Based in
In early 2021, Charlestowne's trading volume averaged 600 shares per day with a price range of
At the same time, promotional emails and web posts touted the stock. Shares eventually traded as high as
In 2012, Padilla entered into a consent arrangement in a civil action brought by the
The securities fraud charge carries a sentence of up to 20 years in prison, three years of supervised release and a fine of
This story originally appeared in
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