Legal Question in Securities Law in Illinois

Pump & Dump Scheme

My brother and I are victims of a--name removed--scheme - its a company called sniffiex. They were sending out misleading information, got the price higher, and dumped all of the shares. I lost a few grand on this. How can I pursue this via 10(b)(5)? THe SOL is 5 years correct? If you do a google search on Sniffex and pump and dump you'll see what I'm talking about

Do you know of any way I can send a demand lawyer to one of the people who settled with the SEC?


Asked on 5/07/09, 8:14 pm

1 Answer from Attorneys

Adam S. Tracy Securities Compliance Group Ltd

Re: Pump & Dump Scheme

You have a few options. Your first stop should be the SEC. They maintain a restitution fund. There appeared to have been some settlement here. Second, there may be a civil class action out there somewhere. In fact, Im willing to guess that there is. If not, you can sue them directly. The interesting thing here is that if the claims have not already been disposed of, your claim may be worth something. The public vehicle has valued and undoubtedly reappear as another, hopefully stronger, company. There are a number of issues here - including your own ownership and timing, etc. Please feel free to email me with any additional questions. I specialize in securities law matters. [email protected]

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Answered on 5/07/09, 9:37 pm


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