UPDATE: More details have emerged on the scheme, via South Florida Business Journal.
11 men in New York and Florida were using money from cocaine-trafficking to fuel a pump-and-dump. The investment scheme pocketed $3 million and cost investors $7 million.
The drug scheme was worth up to $100,000 per bag received.
PREVIOUSLY: Nine New York longshoremen were busted yesterday for helping Panamanian drug dealers smuggle nearly a ton of cocaine through local ports.
Sounds like business as usual. What’s strange here is that the longshoremen were also busted for running a stock pump-and-dump scheme.
The stock scheme allegedly posted bogus claims online, like “Our Stock Picks are Off the Charts!” and “Lock in 500% in a Tough Economy,” according to NY Post.
The only site we’ve seen that shares the same slogans is PennyWinners.com, which has all of those slogans on its web page.
PennyWinners.com has been recommending several stocks on its website and/or twitter stream, including HEME, MXMI, SSOL, TSPG, and BTDG. Tweets include: “If HEME doesn’t break .20 today I will eat my keyboard” and “HEME is now trading at a new high of day. .32 on huge volume! This is officially a 100% profit for those of you that got in at .18 :)”.
The last tweet was posted on Sunday.
We have no idea how the pump-and-dump scheme would relate to the coke smuggling.
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