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March 10, 2016

Adviser in Trouble After Accepting Kickbacks

Donald Toomer, an investment advisor from Henderson, Nevada, was recently indicted by a grand jury in New Jersey on fraud charges related to kick backs he received. The federal prosecutors allege that Toomer was involved in a “pump and dump” scheme. The prosecutors believe that Toomer received money in exchange of getting his clients to purchase specific microcap stocks targeted by his co-conspirators. Toomer allegedly received hundreds of thousands of dollars in kickbacks for his participation in the scheme.

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