Thursday, July 17, 2014

PUMP & DUMP Scheme Arraignment in Brooklyn Federal

From CNBC
Authorities unveiled criminal charges Thursday accusing seven people, including a banking executive once married to a star of "The Sopranos," of running a $300 million stock manipulation scheme that cheated elderly and other investors. Abraxas "A.J." Discala — the CEO of merchant banking firm OmniView Capital Advisors and former husband of Jamie-Lynn Sigler, who played Meadow Soprano on the hit HBO series — was charged in an indictment unsealed in Brooklyn, New York, with 10 criminal counts including securities fraud, wire fraud and conspiracy. Discala, 43, and the other defendants were accused of using "pump-and-dump" and other illegal tactics to artificially control prices and trade volumes in four companies from October 2012 to July 2014.

Only 3 of the defendants appeared today in Brooklyn Federal Court: Ira Shapiro, Victor Azrak, and Craig Josephberg. All defendants were given bail and were released. Judge Robert Levy presided over the arraignments. Turns out the Judge knows my work from the 1987 Billie Boggs case, he was Bogg's attorney and I covered that case.


Attorneys Eliot Sagor, Gregory Morvillo and their clients defendants Victor Azrak and Craig Josephberg

Judge Robert Levy

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