Massachusetts: Notice to Potential Victims Regarding Microcap Securities Fraud Scheme
(STL.News) – Roger Knox, the founder and operator of a Swiss asset management firm, and Richard Targett-Adams, who assisted in the firm’s operation, participated in a massive global securities fraud scheme that the government believes generated up to approximately $165 million in fraudulent stock sale proceeds. Individuals who believe they may be potential victims are encouraged to notify the U.S. Attorney’s Office in the District of Massachusetts.
The defendants were previously charged in federal court in Boston. Knox pleaded guilty to securities fraud and conspiracy to commit securities fraud in January 2020, and he is currently scheduled to be sentenced on Jan. 28, 2021. Targett-Adams pleaded guilty to securities fraud, conspiracy to commit securities fraud and money laundering in June 2019, and he is currently scheduled to be sentenced on April 2, 2021.
Knox and Targett-Adams participated in a conspiracy to commit securities fraud in which ownership and control of dozens of publicly traded companies was disguised so that, among other things, criminal control groups could engage in pump-and-dump schemes and other forms of market manipulation in the companies’ microcap securities. These microcap securities, also known as “penny stocks,” primarily traded on the over-the-counter market.
Individuals who traded in one or more of the securities listed here during the time period indicated, and believe that they may be potential victims of this fraud, should contact the U.S. Attorney’s Office at USAMA. VictimAssistance@usdoj.gov. In the email, please indicate the security traded and the transaction details for the trade(s): date(s), number of shares, price, whether it was bought or sold, and an assessment of gains or losses. Please also indicate whether there is supporting documentation, and a victim assistance specialist will assist you in transferring it in a secure manner.