February 4, 1990 |
Because of the F. D. Roberts Securities case, investigators are getting a unique opportunity to see how a typical penny stock scam is put together. And what they are finding is enlightening: The people who operated F. D. Roberts were on the up-and-up in their handling of prospectuses and other documents that went to the Securities and Exchange Commission. But they were anything but truthful with the public. "They went through all the motions," said one investigator familiar with the case.
May 24, 1989
4 Plead Guilty to Penny Stock Fraud: Two former managers and two ex-brokers for a defunct penny stock firm based in Paramus, N.J., pleaded guilty to involvement in a massive securities fraud scheme that cheated thousands of unsophisticated investors out of $67 million. Robert Humphrey of Boca Raton, Fla., national sales manager for F. D. Roberts Securities Inc., admitted in U.S. District Court in Trenton, N.J., that he conspired with other top management to manipulate the prices of the stocks F. D. Roberts handled.