SEC charges three in N.J. deli $100 million valuation scheme

WASHINGTON (Reuters) – The Securities and Exchange Commission charged three men on Monday in a scheme that resulted in a $100 million valuation for a New Jersey deli and a separate shell company, the agency said on Monday.

“We allege that the defendants’ brazen schemes resulted in the artificial inflation of the stock price of two publicly traded companies with little to no annual revenues,” said Scott Thompson of the agency’s enforcement office in Philadelphia.

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