2024-09-27 sec-litreleases litigation_release 64 KB 1,717 chars

SEC v. Marco Babini; and two other defendants, No. LR-26136, District of Massachusetts (Sept. 27, 2024) — Press Release

raw: Marco Babini, et al.

Marco Babini, et al., No. 1:15-cr-10261 (Sept. 27, 2024)

Caption
United States v. Withrow
Source PDF JSON
summary

Former stock promoter Marco Babini obtained a final judgment for a microcap fraud scheme involving Endeavor Power Corp. through coordinated trading to inflate stock prices.

paragraph

Marco Babini was charged with manipulating the stock price of Endeavor Power Corp. through coordinated trading to defraud investors. In a parallel criminal case, he pleaded guilty to conspiracy to commit securities fraud and wire fraud. The SEC judgment enjoins him from future antifraud violations and prohibits him from participating in penny stock offerings.

narrative

Marco Babini, a Canada-based former stock promoter, was subject to final judgment for a microcap fraud scheme involving Endeavor Power Corp. The SEC alleged that Babini and two other defendants engaged in coordinated trading to artificially inflate the company's stock price. Following a three-year extradition effort from Canada, Babini pleaded guilty in a parallel criminal case to conspiracy to commit securities fraud and wire fraud. The civil judgment prohibits him from participating in any penny stock offerings and enjoins him from future violations of federal antifraud provisions. This final judgment concludes litigation involving violations of the Securities Act of 1933 and the Securities Exchange Act of 1934. The criminal proceedings resulted in a final judgment entered in March 2024.

Enriched metadata

Scheme
pump-and-dump (97%)
Court
District of Massachusetts
Case No.
1:15-cr-10261
Outcome
pleaded · 2023-12-20
Entity
Marco Babini
Classified pump-and-dump(confidence 97%). EDGAR detection: forms S-8/S-1/424B/8-K· recall 69% / precision 12%. detection rule →
Statutes
Sections 17(a)(1) and (3) of the Securities ActSections 17(a)(1) and (3) of the Securities ActSections 17(a)(1) and (3) of the Securities ActSection 10(b) of the Securities Exchange Act
Parties
United States of AmericaEdward W. Withrow, IIIMarco G. BabiniUSA
Keywords
babinimarco babinisecurities exchangeentered finalmarcosecuritiesstockexchangefinalexchange commissionmass septfinal againstformer stockstock promotermassachusetts entered

Exhibits & Attached Documents (1)

Extracted insights

Entities 6
  • court a federal district court in boston, massachusetts
  • person former stock promoter
  • agency Securities and Exchange Commission
  • agency the sec's complaint
  • court the u.s. district court for the district of massachusetts
  • scheme_term to commit securities fraud and wire fraud
Triples 9
  • U.S. Securities and Exchange Commission Obtains Final Judgment Against Former Stock Promoter
  • A federal district court in Boston, Massachusetts Entered a final judgment In a microcap fraud case against Canada resident Marco Babini
  • The SEC Charged Babini and two other defendants With a scheme to defraud potential investors in Endeavor's publicly traded stock
  • The SEC's complaint Alleged that Babini attempted to manipulate The market for Endeavor's stock
  • The SEC's complaint Alleged that Babini engaged in coordinated trading Designed to artificially inflate its price
  • The U.S. District Court for the District of Massachusetts Entered a final judgment against Babini Enjoining him from future violations of the antifraud provisions
  • The U.S. District Court for the District of Massachusetts Prohibited him from participating In the offering of a penny stock
  • Babini Pleaded guilty to one count of conspiracy To commit securities fraud and wire fraud
  • The court Entered final judgment On March 18, 2024
PDF (from attached: judgment)
Stipulation And Order Of Settlement · Source
Text layers
Extracted body text (1,717c) 
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26136 / September 27, 2024 Securities and Exchange Commission v. Marco Babini, et al., No. 15-cv-13348 (D. Mass. filed Sept. 14, 2015) United States of America v. Marco Babini, 1:15-cr-10261 (D. Mass. filed Sept. 10, 2015) SEC Obtains Final Judgment Against Former Stock Promoter A federal district court in Boston, Massachusetts has entered a final judgment in a microcap fraud case against Canada resident Marco Babini, a former stock promoter for a Massachusetts-based medical diagnostics company previously called Endeavor Power Corp. The SEC previously charged Babini and two other defendants with a scheme to defraud potential investors in Endeavor's publicly traded stock. The SEC's complaint alleged that Babini attempted to manipulate the market for Endeavor's stock by, among other things, engaging in coordinated trading designed to artificially inflate its price. On September 27, 2024, the U.S. District Court for the District of Massachusetts entered a final judgment against Babini, enjoining him from future violations of the antifraud provisions of Sections 17(a)(1) and (3) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5(a) and (c) thereunder, and Section 9(a)(2) of the Exchange Act, and prohibiting him from participating in the offering of a penny stock. In a parallel criminal case brought by the U.S. Attorney for the District of Massachusetts, after a three-year effort to extradite Babini from Canada, Babini pleaded guilty to one count of conspiracy to commit securities fraud and wire fraud on December 20, 2023, and the court entered final judgment on March 18, 2024, order
OCR text (1,717c · html-text · 99% conf) 
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26136 / September 27, 2024 Securities and Exchange Commission v. Marco Babini, et al., No. 15-cv-13348 (D. Mass. filed Sept. 14, 2015) United States of America v. Marco Babini, 1:15-cr-10261 (D. Mass. filed Sept. 10, 2015) SEC Obtains Final Judgment Against Former Stock Promoter A federal district court in Boston, Massachusetts has entered a final judgment in a microcap fraud case against Canada resident Marco Babini, a former stock promoter for a Massachusetts-based medical diagnostics company previously called Endeavor Power Corp. The SEC previously charged Babini and two other defendants with a scheme to defraud potential investors in Endeavor's publicly traded stock. The SEC's complaint alleged that Babini attempted to manipulate the market for Endeavor's stock by, among other things, engaging in coordinated trading designed to artificially inflate its price. On September 27, 2024, the U.S. District Court for the District of Massachusetts entered a final judgment against Babini, enjoining him from future violations of the antifraud provisions of Sections 17(a)(1) and (3) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5(a) and (c) thereunder, and Section 9(a)(2) of the Exchange Act, and prohibiting him from participating in the offering of a penny stock. In a parallel criminal case brought by the U.S. Attorney for the District of Massachusetts, after a three-year effort to extradite Babini from Canada, Babini pleaded guilty to one count of conspiracy to commit securities fraud and wire fraud on December 20, 2023, and the court entered final judgment on March 18, 2024, order

Related documents (1)