MANHATTAN (CN) - Two stock promoters, Bruce Grossman and Jonathan Curshen, manipulated the market by bribing a registered representative to buy $3 million in shares of Industrial Biotechnology Corp., the SEC claims in Federal Court. The man who took the bribe was an undercover FBI agent, the SEC says.
The SEC says Grossman and Curshen promised the FBI agent a 25% kickback if he bought $3 million in IBC shares for the customers he allegedly represented. The defendants matched the FBI agent's buy orders with their sell orders, at prices set by the defendants, and paid him $19,000 for this between June 27 and July 2 this year, the SEC says.
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