Gloucestershire Based Entrepreneur, Justin Roger Wall Involved In $75 Million in Fraud Scheme
by Kate Winslet Im a blogger by passionGloucestershire-based entrepreneur; Justin Roger Wall was involved
in a $75 million fraud scheme. The fraudulent actions of Justin Rodger Wall
were brought to light when the U.S. Attorney’s Office for the District of
Massachusetts proceeded with criminal charges against Wall on August 9,
2021—accompanied by Jamie Samuel Wilson, Luis Jimenez Carrillo, and Amar
Bahadoorsingh.
Wall was reported to be money laundering through his businesses
located in Cheltenham.
These plots resulted in over 75 million U.S. dollars’ worth of
fraudulent microcap stock sales. Microcap stocks are stocks of public companies
in the United States. Often fraudulent actions, as was the case with Wall, can
occur easily with microcap stocks. Since the market capitalisation is only $50
to $300 million, fraud can go undetected on this trim level. Look out for
unsolicited promotional events for microcap stocks. This was a tactic Wall and
associates used in their maneuvering of $75 million from microcap stocks.
The timeline of the violations occurred from 2013-2019. Carrillo,
during this time, controlled the securities of various microcap companies with
the help of multiple international accomplices. Carrillo sold millions of the
company’s shares during this time. Wall even went as far as to organise
marketing campaigns to push investors to buy the stocks he held the securities.
Wall’s conspirators helped Carrillo gain access and control of at
least one company’s security. Wall and Wilson had a hand in this case when they
used false documents to acquire the shares for sale in brokerage accounts. The
fraudulent act went unnoticed for so many years because Carillo and his
associates hid under the guise of ordinary trading by unaffiliated investors.
In reality, the team was profiting from the dump of shares, and retail
investors were suffering because of it.
The Securities and Exchange Commission (SEC) filed a complaint in
Boston charging Carillo and his known associates with various violations of
antifraud provisions. They were also prosecuted for violations of the
Securities Act of 1933 and the Securities Exchange Act of 1934.
For Wall and his co-conspirators, the SEC seeks permanent
injunctions, civil penalties against the defendants, and regurgitation of
ill-received gains plus interest. An order has been made to freeze Carrillo’s
assets with others to follow promptly.
The case of Wall and his co-conspirators is ongoing since more
associates to Wall are possible in the fraud scheme. The case will continue to
evolve, but the SEC has made the first steps to capture and shut down the
fraudulent activity that occurred.
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Created on Oct 19th 2021 14:17. Viewed 195 times.