Ex-Beverly Hills stockbroker convicted of $200M stock fraud
LOS ANGELES (AP) — A former Beverly Hills stockbroker has been convicted of fraud for a stock manipulation scheme that bilked investors out of $200 million.
Todd Ficeto of Marion, Ohio was convicted Friday in Los Angeles of conspiracy, fraud, money laundering and other federal charges. If convicted, he could face decades in prison.
Ficeto was president of a Beverly Hills-based firm, Hunter World Markets. Prosecutors say the firm, co-owned by Florian Hamm, took part in a global scheme to artificially prop up the price of penny stocks that were sold to hedge funds. That, in turn, pumped up the hedge fund prices, resulting in profits for Homm, who had a hedge fund management business run from Spain.
Homm is facing securities fraud and wire fraud charges. He remains a fugitive.