The Securities and Exchange Commission (SEC) filed a lawsuit against a penny stock trader in Santa Cruz, California for allegedly conducting a pump-and-dump scheme that affects the stock of Arrayit Corporation.
Arrayit Corporation is a biotechnology company located in Sunnyvale, California. The company develops, manufactures, and markets life science tools and integrated systems for the large-scale analysis of genetic variation, biological function, and diagnostics.
Penny stock trader falsely assert Arrayit developed COVID-19 blood
In the lawsuit, the SEC named the defendant as Jason Nielsen, who attempted to drive the stock price of Arrayit by making numerous false and misleading statements that Arrayit developed a blood test for COVID-19.
The Commission alleged that the defendant asserted that the biotechnology company received approval for the COVID-19 blood test from the Food and Drug Administration.
Nielsen also allegedly claimed that he purchased or planned to buy large amounts of Arrayit stock and other investors also acquired a huge amount of shares in the biotechnology company.
