Leader Of “Pump And Dump” Securities Fraud Scheme Pleads Guilty
Earl Ingarfield, a 64-year-old from Las Vegas, pled guilty to conspiracy to commit securities fraud for orchestrating a “pump and dump” scheme targeting Suburban Minerals Corporation (SUBB)
Earl Ingarfield, a 64-year-old from Las Vegas, pled guilty to conspiracy to commit securities fraud for orchestrating a “pump and dump” scheme targeting Suburban Minerals Corporation (SUBB). He gained control of the penny stock company, secretly amassed tens of millions of shares through offshore shell entities, and falsely claimed SUBB had acquired a $5 billion African diamond mine to inflate its stock price. Between January and March 2014, he used deceptive press releases and email campaigns to lure retail investors, then sold over $1.4 million worth of shares during the artificial price surge. Trading was halted by the SEC on March 7, 2014, causing the stock to collapse, and Ingarfield agreed to forfeit $1,418,473 in illicit profits. He faces up to five years in prison as part of his guilty plea.
Earl Ingarfield, a 64-year-old from Las Vegas, pled guilty to conspiracy to commit securities fraud for orchestrating a “pump and dump” scheme targeting Suburban Minerals Corporation (SUBB). He gained control of the penny stock company, secretly amassed tens of millions of shares through offshore shell entities, and falsely claimed SUBB had acquired a $5 billion African diamond mine to inflate its stock price. Between January and March 2014, he used deceptive press releases and email campaigns to lure retail investors, then sold over $1.4 million worth of shares during the artificial price surge. Trading was halted by the SEC on March 7, 2014, causing the stock to collapse, and Ingarfield agreed to forfeit $1,418,473 in illicit profits. He faces up to five years in prison as part of his guilty plea. Earl Ingarfield, a 64-year-old Nevada resident, pled guilty to conspiracy to commit securities fraud for orchestrating a “pump and dump” scheme targeting Suburban Minerals Corporation (SUBB) stock. He gained control of the shell company, secretly amassed tens of millions of shares through offshore entities, and falsely claimed SUBB had acquired a $5 billion African diamond mine to inflate its stock price. Between January and March 2014, Ingarfield used deceptive press releases and email campaigns to lure retail investors, then sold over $1.4 million in shares during the artificial price surge. Trading was halted by the SEC on March 7, 2014, causing the stock to collapse, and Ingarfield agreed to forfeit $1,418,473 in illicit profits. He faces up to five years in prison as part of his guilty plea. Earl Ingarfield, a 64-year-old Nevada resident, pled guilty to conspiracy to commit securities fraud for orchestrating a “pump and dump” scheme targeting Suburban Minerals Corporation (SUBB) stock. He gained control of the shell company, secretly amassed tens of millions of shares through offshore entities, and falsely claimed SUBB had acquired a $5 billion African diamond mine to inflate its stock price. Between January and March 2014, he used deceptive press releases and email campaigns to lure retail investors, then sold over $1.4 million in shares during the artificial price surge. Trading was halted by the SEC on March 7, 2014, causing the stock to collapse, and Ingarfield agreed to forfeit $1,418,473 in illicit profits. He faces up to five years in prison as part of his guilty plea.
Extracted insights
- $5.00B $5 billion ≥$1B
- $1.42M $1,418,473 $1M–$10M
- $1.40M $1.4 million $1M–$10M
- scheme_term conspiracy to commit securities fraud
- person damian williams
- person earl ingarfield
- scheme_term earl ingarfield pled guilty to pump and dump scheme
- scheme_term pump and dump scheme targeting suburban minerals corporation (subb)
- agency Securities and Exchange Commission
- Earl Ingarfield pled guilty to conspiracy to commit securities fraud
- Earl Ingarfield engaged in pump and dump scheme targeting Suburban Minerals Corporation (SUBB)
- Earl Ingarfield obtained control of Suburban Minerals Corporation (SUBB) in or about 2013
- Earl Ingarfield profited from $1.4 million from sale of SUBB shares between January and March 2014
- Suburban Minerals Corporation (SUBB) announced acquiring African diamond mine worth $5 billion in early 2014
- Securities and Exchange Commission halted trading in SUBB on March 7, 2014
- Earl Ingarfield agreed to forfeiture of $1,418,473
- Earl Ingarfield faces maximum sentence of five years in prison
- Damian Williams announced Earl Ingarfield pled guilty to pump and dump scheme
- Earl Ingarfield used shell entities to conceal ownership and control of majority of SUBB shares
Press Release Leader Of “Pump And Dump” Securities Fraud Scheme Pleads Guilty Thursday, August 17, 2023 Share FacebookLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. XLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. LinkedInLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. Email For Immediate Release U.S. Attorney's Office, Southern District of New York Damian Williams, the United States Attorney for the Southern District of New York, announced that EARL INGARFIELD pled guilty today to participating in a “pump and dump” stock fraud scheme designed to target retail investors and manipulate trading in penny stock shares of Suburban Minerals Corporation (“SUBB”). U.S. Attorney Damian Williams said: “Earl Ingarfield engaged in a classic pump and dump scheme where the price of stock for a worthless company was inflated with paid promotions and fairy tales of riches from a $5 billion African diamond mine. Today’s plea is a reminder that the Southern District of New York will investigate and prosecute all such pernicious market manipulation schemes.” According to the Indictment and statements made in court: From at least in or about 2013 through at least in or about March 2014, EARL INGARFIELD engaged in a scheme to manipulate the stock price of SUBB, a public company traded on the over-the-counter market. In or about 2013, the defendant obtained control of SUBB, installing management at the company that acted at his direction and financing SUBB’s operations. INGARFIELD also obtained convertible promissory notes issued by SUBB, which he then converted into tens of millions of SUBB shares that were nominally held by offshore shell entities. INGARFIELD used these shell entities to conceal his involvement and the fact that he owned and controlled the vast majority of the shares of SUBB. In early 2014, at INGARFIELD’s direction, SUBB announced that it was purportedly acquiring a producing African diamond mine worth $5 billion. But in reality, no such mine existed. Between January 2014 and March 2014, SUBB issued a series of press releases making false representations regarding that purported mine acquisition and SUBB’s operations. During the same time period, INGARFIELD orchestrated a marketing campaign through which promotional materials echoing the same false claims were distributed to the investing public by email. The false and misleading press releases and email marketing campaign caused SUBB’s share price and trading volume to become artificially inflated. While SUBB’s price was artificially inflated, INGARFIELD profited by selling millions of his secretly amassed shares, all at the expense of the investing public. Between January and March 2014, he made more than $1.4 million from the sale of SUBB shares. On March 7, 2014, the Securities and Exchange Commission halted trading in SUBB, after which the share price dropped precipitously and never recovered. * * * EARL INGARFIELD, 64, of Las Vegas, Nevada, pled guilty to one count of conspiracy to commit securities fraud, which carries a maximum sentence of five years in prison, and agreed to forfeiture of $1,418,473. The maximum potential sentence in this case is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge. Mr. Williams praised the outstanding work of Homeland Security Investigation’s El Dorado Task Force. The matter is being handled by the Money Laundering and Transnational Criminal Enterprises Unit. Assistant U.S. Attorneys Emily Deininger and Shiva Logarajah are in charge of the prosecution. Contact Nicholas Biase (212) 637-2600 Updated August 17, 2023 Topic Securities, Commodities, & Investment Fraud Component USAO - New York, Southern Press Release Number: 23-294
Press Release Leader Of “Pump And Dump” Securities Fraud Scheme Pleads Guilty Thursday, August 17, 2023 Share FacebookLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. XLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. LinkedInLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. Email For Immediate Release U.S. Attorney's Office, Southern District of New York Damian Williams, the United States Attorney for the Southern District of New York, announced that EARL INGARFIELD pled guilty today to participating in a “pump and dump” stock fraud scheme designed to target retail investors and manipulate trading in penny stock shares of Suburban Minerals Corporation (“SUBB”). U.S. Attorney Damian Williams said: “Earl Ingarfield engaged in a classic pump and dump scheme where the price of stock for a worthless company was inflated with paid promotions and fairy tales of riches from a $5 billion African diamond mine. Today’s plea is a reminder that the Southern District of New York will investigate and prosecute all such pernicious market manipulation schemes.” According to the Indictment and statements made in court: From at least in or about 2013 through at least in or about March 2014, EARL INGARFIELD engaged in a scheme to manipulate the stock price of SUBB, a public company traded on the over-the-counter market. In or about 2013, the defendant obtained control of SUBB, installing management at the company that acted at his direction and financing SUBB’s operations. INGARFIELD also obtained convertible promissory notes issued by SUBB, which he then converted into tens of millions of SUBB shares that were nominally held by offshore shell entities. INGARFIELD used these shell entities to conceal his involvement and the fact that he owned and controlled the vast majority of the shares of SUBB. In early 2014, at INGARFIELD’s direction, SUBB announced that it was purportedly acquiring a producing African diamond mine worth $5 billion. But in reality, no such mine existed. Between January 2014 and March 2014, SUBB issued a series of press releases making false representations regarding that purported mine acquisition and SUBB’s operations. During the same time period, INGARFIELD orchestrated a marketing campaign through which promotional materials echoing the same false claims were distributed to the investing public by email. The false and misleading press releases and email marketing campaign caused SUBB’s share price and trading volume to become artificially inflated. While SUBB’s price was artificially inflated, INGARFIELD profited by selling millions of his secretly amassed shares, all at the expense of the investing public. Between January and March 2014, he made more than $1.4 million from the sale of SUBB shares. On March 7, 2014, the Securities and Exchange Commission halted trading in SUBB, after which the share price dropped precipitously and never recovered. * * * EARL INGARFIELD, 64, of Las Vegas, Nevada, pled guilty to one count of conspiracy to commit securities fraud, which carries a maximum sentence of five years in prison, and agreed to forfeiture of $1,418,473. The maximum potential sentence in this case is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge. Mr. Williams praised the outstanding work of Homeland Security Investigation’s El Dorado Task Force. The matter is being handled by the Money Laundering and Transnational Criminal Enterprises Unit. Assistant U.S. Attorneys Emily Deininger and Shiva Logarajah are in charge of the prosecution. Contact Nicholas Biase (212) 637-2600 Updated August 17, 2023 Topic Securities, Commodities, & Investment Fraud Component USAO - New York, Southern Press Release Number: 23-294