SEC Charges Advisor For Funneling $17M Into Penny Stocks

The Securities and Exchange Commission (SEC) charged Interinvest Corporation, Inc. and its founder Hans Peter Black for investing over $17 million of client assets in penny stocks without disclosing his business and financial interests. According to the agency, the alleged fraud resulted in unrealized losses of over $12 million in Interinvest client accounts.

Black invested in four Canadian companies

The SEC announced fraud charges against Interinvest Corporation and Black on Wednesday. The SEC said the firm and its owner invested over $17 million worth of client assets in penny stocks while failing to disclose at the...