This is all just a big misunderstanding.
Prosecutors on Thursday charged seven people with running a multimillion-dollar "pump-and-dump" scheme that allegedly manipulated shares in penny-stock companies.
Abraxas "A.J." Discala, the 43-year old CEO of OmniView Capital Advisors LLC, of Norwalk, Conn., which describes itself as a merchant banking firm, allegedly conspired with two stockbrokers, an attorney, a fellow banker and two company insiders to manipulate the shares of four publicly traded companies, according to an indictment unsealed Thursday.
Prosecutors alleged a wiretap on Mr. Discala's mobile phone showed him boasting May 20 that he could control the share price of a company called Cubed: "I'm the f------ brake and the gas, jackass." In a call last month, the government alleged, Mr. Discala said another company's stock that was allegedly manipulated, CodeSmart's, "should be in the hall of shame…."
His lawyer, Joseph Tacopina, said, "Anyone who knows A.J. is shocked by these allegations, and that's exactly what they are—merely allegations." He added that Mr. Discala will "vigorously defend this case."