Source: United States Department of Justice Criminal Division
Zoltan Nagy, a Canadian businessman, and Glenn Laken, an Illinois trader previously convicted of federal securities fraud and racketeering offenses, have pleaded guilty to conspiring to commit securities fraud in connection with international pump-and-dump schemes that resulted in over $1 million in losses. Three Canadian co-conspirators, Phillip Sewell, Richard Tang, and Davies Wong, previously pleaded guilty to similar charges.