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The SEC’s complaint exclusively referenced Babikian’s promotion of thinly traded microcap shares. The sequence — purchase shares, blast numerous subscribers, sell into the amount spike — is the basic pump-and-dump product that's been prosecuted consistently with the SEC and DOJ in the microcap Room.
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As outlined by OCCRP’s investigation, Babikian received a fresh legal id, secured Latvian residency, and reportedly obtained a condominium in Dubai, UAE — a jurisdiction which includes confronted sustained international scrutiny for its job in enabling monetary concealment through real estate property.
The US SEC alleged that Babikian, by means of AwesomePennyStocks, engaged in scalping — selling stocks to subscribers though concurrently marketing his individual shares — a conflict of curiosity regarded as a cloth violation of US securities legislation. The issue was resolved by using settlement of somewhere around USD 3.7M without admission of wrongdoing.
OCCRP’s reporting is particularly considerable because it is made by a consortium with established reliability in tracking cross-border money crime and is particularly routinely used being a source by regulators, compliance pros, and law enforcement globally.
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