Twins from the north of England face a civil suit brought by
US regulators over an alleged stock scam which defrauded investors out of $1.2m
(£750,000). Alexander John Hunter and
Thomas Edward Hunter, allegedly sold access to information from fake
stock-picking software called 'Marl' to around 75,000 investors, according to a
suit filed by the US Securities and Exchange Commission (SEC) in a New York
court on Friday.
The 'Marl' robot, taken from the first names of its
fictional creators (Michael Cohen and Carl Williamson), purportedly used
sophisticated analysis to pick penny stocks for companies that were due to
"rocket". In reality, the twins were paid by stock promoters, and
used a newsletter and a 'home version' of Marl to promote those stocks to
fraudulently increase the price, according to SEC.
"In reality, the 'stock picking robot' was a work of
fiction," said the suit. "The stock recommendations the defendants
sent to their subscribers were not generated by any technical analysis. The
stocks were instead those that the defendants had been paid by other promoters
to tout."
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