Statement on Jury Verdict in Florida Federal Court Following Trial Against Orchestrator of Pump-and-Dump Scheme
Director, SEC Division of Enforcement
Aug. 8, 2014
“Edward Hayter lied to investors in a microcap pump-and-dump scheme in which he profited handsomely. We are pleased that a federal jury has found him liable for violating the federal securities laws. This is yet another victory in the Commission’s multi-pronged approach to combating microcap fraud.”
# # #
- SEC’s complaint in the case filed in 2010.
- SEC alleged that Edward W. Hayter of Brooklyn, N.Y. orchestrated a pump-and-dump scheme involving the stock of BIH Corporation.
- Hayter allegedly pumped up the price of BIH stock by disseminating false and misleading press releases and placing false information on BIH's website.
- The four-day trial concluded today in U.S. District Court for the Middle District of Florida, Fort Myers Division.
- Jury delivered its verdict in the SEC’s favor on all counts.