ATLANTA – Marc E. Bercoon and William A. Goldstein have been found guilty by a federal jury of orchestrating a market manipulation scheme and investment fraud, victimizing unsuspecting investors with their devious ploys.
The duo, along with Peter P. Veugeler, who pleaded guilty and testified against them, manipulated the stock of MedCareers Group, Inc., a publicly traded company, by rigging the market and making over $2.5 million in the process. Bercoon and Goldstein also conducted a separate scheme involving their own private corporation, Find.com Acquisition, Inc., defrauding investors out of more than $1.5 million.
“These defendants manipulated the stock of a publicly traded company by carrying out two schemes,” said U.S. Attorney Byung J. “BJay” Pak. “The jury’s verdict vindicates the victims and underscores the severity of securities fraud involving publicly traded companies.”
FBI Atlanta Special Agent in Charge David J. LeValley echoed the sentiment, stating, “It’s easy to dismiss financial fraud cases like this as benign, but there is a real victimization and lives are changed because of it.”
According to Pak, Bercoon and Goldstein conspired with Veugeler from July 2009 through September 2011 to manipulate MedCareers Group, Inc., shares. They executed two “pump and dump” schemes, orchestrating a sell-off of their stock while arranging for misleading press releases and SEC filings.
In parallel, Bercoon and Goldstein organized Find.com Acquisition, Inc., soliciting investments under false pretenses, using the funds for personal gain rather than developing the internet search engine as promised. They provided investors with written offering materials, which stated that their investments would be used to develop an internet search engine named Find.com. However, over $550,000 was withdrawn in cash shortly after being invested.
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Key Facts
- State: Georgia
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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