A man from Hawaii has been charged by the Securities and Exchange Commission for a scheme in which he allegedly pumped up the price of unsecured loans by spreading fake press releases that promised high returns for early redemptions. He also lied about converting the loans into a cryptocurrency, the agency said.

The SEC’s New York office charged Jeremy Koski on Friday. He allegedly distributed fake press releases and redemption notices on shares that he owned in a trust fund operated by retailer JCPenney. The agency says Koski knowingly lied to investors to drive up the price of those shares so that he could sell them in a pump-and-dump scheme.

The shares were from the J.C. Penney Debentures Corporate-Backed Trust Securities Certificates of Structured Products Corp. (COTRP).

“[Koski] conceded that he fabricated the fake redemption notices and fake press releases, that he knew their contents were false, and that he published them to try to create artificial interest in and raise the price of COTRP shares,” read the SEC statement.

The SEC says that Koski started his pump-and-dump scheme in an attempt to protect himself from seeing a huge loss on his investment. In September 2020, the agency said Koski purchased over 287,000 debentures, a debt securi

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Author: Nicholas Morgan

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