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The FBI on Thursday recently arrested a Florida man on securities and mail fraud charges related to a multi-million dollar scheme involving highly speculative, low-priced penny stocks, announced U.S. Attorney Jay E. Town and FBI Special Agent in Charge Johnnie Sharp Jr.
A ten-count indictment filed in U.S. District Court charges BRIAN ROBERT “Mailman” SODI, 46, of Boca Raton, with conspiracy to commit securities fraud and mail fraud, and related charges.
“Financial crimes prey on the unsuspecting public and undermine the integrity of the nation’s stock exchanges,” Town said. “Pump-and-dump schemes like this must be disrupted by law enforcement before they disrupt market forces.”
According to the indictment, Sodi used his Florida-based publishing houses to distribute deceptive promotional mailers recommending the purchase of select penny stocks, while hiding from potential investors that he secretly was selling the stocks he was urging them to buy. The indictment also charges that Sodi obscured his involvement in the scheme by using offshore accounts and intermediaries to launder the proceeds of his fraud back to himself and his publishing houses.
