According to an SEC complaint filed in the U.S. District Court for the Southern District of New York, Jeremy Koski manipulated debt-backed equity securities of JC Penney Company, Inc. (JCP Debentures) with the ticker COTRP.
In May 2021, Kosky began posting false notices that JCP bonds would be redeemed at full price, causing the price of COTRP to jump by 75%.
In September and November 2021, Kosky distributed fake press releases stating that COTRP would be the first publicly traded fund convertible to cryptocurrency. This conversion would supposedly allow the fund to recover its $25 face value, Koski argued.
The regulator also charged Kosky with violating the Securities Act of 1933 and the Securities Exchange Act of 1934. The agency demanded that the court impose an administrative fine on the resident of Hawaii.
The SEC recently charged a former New Jersey Department of Corrections lieutenant with running a cryptocurrency scam. John A. DeSalvo raised over $600,000 by selling tokens called Blazar Token to government officials.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
