Broker banned for manipulating prices

Broker banned for manipulating prices

Broker banned for manipulating prices A broker has been barred after allegedly manipulating stock prices and sanctioning associates.

Finra has clamped down on Chicago-based George Johnson, who was working at the time for Meyers Associates, after he is said to have inflated a penny stock’s value for an eight day period in 2012. He also urged clients to sell to match trades.

Johnson is not the only one who has been sanctioned, however.

Also feeling the wrath of Finra is Christopher Wynne, who worked as Johnson’s supervisor. He has been suspended for a two-year period. He has also been fined $25,000 and barred from working as a principal. In addition, Joseph Mahalick, a broker who worked alongside Johnson and Wynne, has also been fined $20,000 and picked up a six month suspension.

On top of these allegations, Johnson and Wynne are also accused of failing to disclose material risks and conflicts of interest related to stock. It is also alleged that Johnson disclosed confidential information about one offering while recommending a penny stock without disclosing his plans to liquidate his positions.

This is just the latest in a series of run-ins for Johnson and the financial authorities. His issues date back to 1994 and he has been employed at multiple firms that have clashed with Finra: two of these firms have since been expelled. Meanwhile, Meyers Associates has been investigated on five occasions.