SEC charges Seattle lawyers with fraudulent scheme
The Securities and Exchange Commission has filed civil charges against two Seattle attorneys and a Houston public relations firm, saying they touted a new company’s nonexistent products to boost its stock price, then netted more than $1 million by selling shares before the stock collapsed.
The SEC said Monday that David M. Otto and Todd Van Siclen used misleading press releases and Web profiles to tout the nonexistent, anti-aging beverages and nutritional supplements of Seattle-based MitoPharm Corp. Also charged were MitoPharm and its chief executive, Pak Peter Cheung, and Houston-based stock promoter Charles Bingham and his company Wall Street PR Inc.
Otto’s attorney, Jeffrey B. Coopersmith of Seattle, said the SEC’s “misguided bureaucratic machinery” got its facts wrong. He said Otto’s a well-respected lawyer and committed no fraud.
The complaint seeks repayment of any money the defendants made.
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October 2nd, 2009 at 10:28 am
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