Pirate Investor LLC

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    US judge fines Agora subsidiary and editor $1.5 m for securities fraud

    An investment newsletter's publisher and its editor have been hit with $1.5 million in financial penalties after a U. S. federal judge determined they defrauded their own subscribers in a securities scam. Judgment in favor of the Securities Exchange Commission and against Maryland-based Pirate Investor LLC, now called Stansberry & Associates Investment Research, LLC, and Frank Porter Stansberry was issued at the U. S. District Court for the District of Maryland on August 1, 2007 - 28 months after the completion of a bench trial. The penalty comprises disgorgement of $1.3 million in profits and interest from the fraudulent activity, for which Pirate Investor and Stansberry are jointly and severally liable, plus a fine of $120,000 against each defendant.

    LOM announces ‘withdrawal’ from penny stock market

    Due to a loss of clients and reputation amid a slew of widely-publicized fraud allegations, offshore broker Lines Overseas Management claims to be scaling back its activity in U. S. penny stocks. Effective June 30, 2005, LOM Holdings Limited says the group will "dramatically curtail client activity in the US bulletin board and pink sheet over the counter market".

    Agora newsletter group accused of securities fraud by SEC

    Baltimore-based Agora Inc., whose business empire includes investment newsletters and clubs, is being sued by the SEC for an alleged securities fraud that earned it more than $1 million.The SEC has accused Agora of routinely making massive profits by disseminating false information about public stocks to its more than 21,500 paid-for subscribers around the world.