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September 16, 2015

Penny Stock Fraud Cost Investors $12 Million

The Securities and Exchange Commission (SEC) filed a complaint against Hans Peter Black. The founder of Interinvest Corporation is accused of defrauding investors and inflicting damages up to $12 million. The SEC believes that Black failed to disclose that he sat on the board of four penny stock companies in which he advised his client to invest. The SEC estimates that of the $ 12 million of the $17 million invested in those penny stocks was lost. One of the victimized clients is a church in New Hampshire.

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