U.S. v. Paul Spivak, et al.

Between 2016 and 2019, USLG took in approximately $6.9 million from numerous restricted stock investors—many of them elderly and located throughout the country—in increments between $4,000 and $1 million.

During that time, the company made approximately 200 payments totaling $2 million in undisclosed commissions to those unlicensed stockbrokers. From February through June of 2021, Spivak and Scott engaged with undercover agents and a confidential source, who together posed as co-conspirators arranging to artificially inflate or “pump” up the price of USLG. Spivak arranged for them to receive stock, to be sold at inflated prices, from Scott and another co-conspirator, who had also agreed to kick back proceeds to USLG.

Familiar Names:  Paul Spirak, Charles Scott, Olga Smirnova, Richard Mallion