The Logbook: Penny stocks, organized crime, and an auto mechanic

BlockchainsFebruary 26, 2020, 6:07PM EST
UPDATED: March 14, 2022, 5:33PM EDT
The Logbook: Penny stocks, organized crime, and an auto mechanic
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This is a story of the events leading to the enactment of the Penny Stock Reform Act of 1990.

Our story begins with Lorenzo Formato, a former penny stock salesman and stockbroker who found himself in the center of a Federal Bureau of Investigation inquiry into penny stock manipulation.

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