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U.S. Securities and Exchange Commission

Litigation Release No. 22184 / December 9, 2011

Securities and Exchange Commission v. Glenn Grossman, Lawrence Steven Cohen, Shay Keren, And John Zanic, Civil Action No. 08-cv-8078 (KMW) (SDNY)


The Securities and Exchange Commission announced that on November 30, 2011, the Honorable Kimba M. Wood, United States District Court Judge for the Southern District of New York, entered a final judgment by consent against Defendant Glenn Grossman. The final judgment permanently enjoins Grossman from future violations of Sections 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The final judgment also permanently bars Grossman from participating in an offering of penny stock.

On September 18, 2008, the SEC filed its complaint against Grossman, Lawrence Steven Cohen, Shay Keren, and John Zanic (collectively, the “Defendants”) alleging that from at least April 2008, the Defendants engaged in a fraudulent broker bribery scheme designed to manipulate the market for the common stock of Guyana Gold, Corp. (“GYGC”). The complaint alleges that the Defendants engaged in an undisclosed kickback arrangement with an individual who claimed to represent a group of registered representatives with trading discretion over the accounts of wealthy customers.

For further information, please see Litigation Release Number 20776 (October 8, 2008) [SEC Charges Four Stock Promoters with Market Manipulation]

The SEC acknowledges the assistance of the United States Attorney’s Office for the Southern District of New York and the Federal Bureau of Investigation in this matter.



Modified: 12/09/2011