NYC stockbroker indicted in fraud scheme

Feb. 1, 2011 at 7:41 PM

DETROIT, Feb. 1 (UPI) -- A New York stock broker has been indicted on federal charges he took part in a $30 million international stock swindle, officials in Detroit said Tuesday.

The indictment unsealed in Detroit accuses Gregg M. Berger, 47, of taking part in a scheme to illegally pump-and-dump thinly-traded Chinese and Israeli stocks, the U.S. attorney's office said in a release.

Berger allegedly conspired with Alan Ralsky, Francis Tribble, How Wai John Hui, Scott Bradley and others to carry out the stock fraud from January 2005 through December 2007. Berger allegedly pocketed more than $600,000 in commissions.

Ralsky, Tribble, Hui and Bradley have been convicted and sentenced.

The federal prosecutors said the U.S. Securities and Exchange Commission Tuesday filed civil fraud charges against Berger, seven other individuals and three companies involved in the scheme.

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