Randy Hamdan Consents to Settling Market Manipulation Case

Randy Hamdan - Market Manipulation CaseThe Securities and Exchange Commission (SEC) announced that, on February 17, 2016, Judge Nancy Edmunds of the U.S. District Court for the Eastern District of Michigan entered final judgments, on the consents of defendants Randy Hamdan and Oracle Consultants, LLC, which permanently enjoin them from violating the antifraud provisions of the federal securities laws and order them to jointly and severally pay $185,181 in disgorgement with prejudgment interest and civil penalties. These final judgments fully resolve the enforcement action before Judge Edmunds.

The Complaint, filed in December 2013, alleged that Hamdan, who lives in the Dearborn, Michigan area, carried out the pump-and-dump scheme by engaging in manipulative trading through his company, Oracle, conducting a fraudulent marketing campaign, and, by impersonating a representative of CompuSonics, causing a news service to issue a false press release on behalf of CompuSonics. The Complaint alleged that in order to conduct the scheme, Hamdan employed numerous tactics to hide his true identity.

Without admitting or denying the allegations of the Complaint, Hamdan and Oracle consented to final judgments which: (a) permanently enjoin them from violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities and Exchange Act of 1934, and Rule 10b-5 thereunder; (b) orders them to jointly and severally pay disgorgement of $29,216 with prejudgment interest of $5,965; and (c) to pay a $150,000 civil penalty.

For further information about this securities law blog  post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N, Boca Raton, Florida, (561) 416-8956, by email at [email protected] or visit  www.securitieslawyer101.com.   This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute legal advice on any specific matter, nor does this message create an attorney-client relationship.  Please note that the prior results discussed herein do not guarantee similar outcomes.

Hamilton & Associates | Securities Lawyers
Brenda Hamilton, Securities Attorney
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