Man Gets $534,000 Fine in Stock Case
Posted on: Wednesday, 21 May 2003, 06:00 CDT
LOS ANGELES (AP) -- A judge ordered a former university student to pay regulators more than $500,000 for allegedly posting false messages about stocks on the Internet so he could profit from ensuing buying or selling sprees, federal regulators said Tuesday.
The Securities and Exchange Commission contends that Refael Shaoulian, 26, sought to manipulate the price of five stocks while he was a student at University of California, Los Angeles.
Shaoulian created false online identities on university computers then posted hundreds of false messages about the stocks on Internet bulletin boards and chat rooms, the SEC said in its civil complaint.
Shaoulian gained more than $410,000 from the stock sales, and spread the funds among 21 bank and brokerage accounts he controlled with his father, Samuel Shaoulian, and brother, Rabin Shaoulian, the SEC said.
U.S. District Court Judge Consuelo B. Marshall ordered the Shaoulians to pay the government $534,408.72, including $114,297.38 in interest and a $10,000 civil penalty against Refael Shaoulian.
No number was listed for Refael Shaoulian. A phone number for a Samuel Shaoulian of Los Angeles was unlisted. A message left at the home of Rabin Shaoulian was not returned Tuesday.
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