Offering Frauds, Pump and Dumps, and Why You Can’t Believe Your Eyes
All warfare is based on deception.
Newtown, Bucks County, Pennsylvania, is a quaint Philadelphia suburb across the Delaware River from Trenton, New Jersey. In 1995, YBM Magnex International, Inc. (YBM), an international manufacturer of industrial magnets, selected Newtown as its worldwide headquarters.
YBM was a publicly traded company whose shares traded on the Toronto Stock Exchange. In 1997, it applied unsuccessfully for listing on U.S. stock exchanges. While this would have made the company’s shares only marginally more accessible,1 the company craved the prestige and implicit stamp of legitimacy that trading on these ...