The founder of stock message board website InvestorsHub.com, Matthew Brown, pleaded guilty today to 4 counts of fraud and money laundering. Mr. Brown faces up to 20 years in prison and a $500,000 fine.
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Federal prosecutors charges Brown along with 6 other individuals for creating a pump and dump scheme. The scheme hype five lightly traded stocks using InvestorsHub to drive up the price and then sell. In the plea agreement, He admitted that investors had lost at least $1 million because of the scheme.
Prosecutors had said that the individuals arranged with the help of company insiders to gain control of millions of shares within the target companies. They then spread rumors around InvestorsHub and other message boards, convincing buyers to rush in.
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