{"id":42316,"date":"2014-05-28T08:18:41","date_gmt":"2014-05-28T12:18:41","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=42316"},"modified":"2014-05-28T08:37:28","modified_gmt":"2014-05-28T12:37:28","slug":"urban-ag-accused-of-making-kickback-payments-to-a-hedge-fund","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/05\/2014\/urban-ag-accused-of-making-kickback-payments-to-a-hedge-fund.html","title":{"rendered":"Urban AG Accused Of Making Kickback Payments To A Hedge Fund"},"content":{"rendered":"<p><span style=\"color: #000000;\"><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2014\/05\/download.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-42325\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2014\/05\/download.jpg\" alt=\"download\" width=\"300\" height=\"168\" \/><\/a><br \/>\n<\/span>New York (HedgeCo.Net) &#8211; A\u00a0microcap company and its CEO are being looked at by the SEC for orchestrating a pair of illicit kickback schemes and an insider trading scheme involving the company\u2019s stock.<\/p>\n<p>The SEC is alleging that Massachusetts based Urban AG Corp. and its president and CEO Billy V. Ray Jr. of Cumming, Ga., schemed to make an undisclosed kickback payment to a hedge fund manager in exchange for the fund\u2019s purchase of restricted shares of stock in the company.\u00a0<\/p>\n<p>In a separate kickback scheme, Ray made an inducement payment to a stock promoter who would purchase shares of Urban on the open market ahead of planned press releases to help him manipulate the stock.\u00a0 Meanwhile, stock promoter Wade Clark participated in Ray\u2019s insider trading scheme involving Urban stock by providing the hedge fund fiduciary with an advance copy of a press release containing material nonpublic information about the company so the hedge fund manager would purchase stock prior to the news being issued.<\/p>\n<p>The SEC is seeking financial penalties, disgorgement of ill-gotten gains plus prejudgment interest, and permanent injunctions.\u00a0 The SEC also seeks penny stock bars against all of the individuals charged in these cases as well as an officer-and-director bar against Ray.<\/p>\n<p>Alex Akesson<br \/>\nEditor For\u00a0<a style=\"color: #743399;\" title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a><\/p>\n<p style=\"color: #444444;\"><a style=\"color: #743399;\" href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br style=\"color: #444444;\" \/><a style=\"color: #743399;\" title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.Net<\/a>\u00a0is a premier\u00a0<a style=\"color: #743399;\" title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\/\">hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0<a style=\"color: #743399;\" title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0<a style=\"color: #743399;\" title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">Hedge Funds<\/a>!<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; A\u00a0microcap company and its CEO are being looked at by the SEC for orchestrating a pair of illicit kickback schemes and an insider trading scheme involving the company\u2019s stock. The SEC is alleging that Massachusetts based [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16044,3],"tags":[],"class_list":["post-42316","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-strategies-2","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/42316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=42316"}],"version-history":[{"count":4,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/42316\/revisions"}],"predecessor-version":[{"id":42327,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/42316\/revisions\/42327"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=42316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=42316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=42316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}