SEC Charges Devicemaker in Kickback Scam

A devicemaker is facing charges by the SEC that it paid illegal kickbacks to a purportedly corrupt pension fund manager. Ingen Technologies’ CEO Scott Sand allegedly sought to generate the appearance of market interest in his company by inducing public purchases of its stock, ultimately increasing the stock’s trading price. Sand paid kickbacks equivalent to 30 percent of the value of the stock purchases to induce a pension fund manager to make the purchases, the SEC says. The pension fund manager was actually an undercover FBI agent.
Devices & Diagnostics Letter