Federal authorities today announced the arrest of 14 people–including Regis Possino, 65, of Pacific Palisades–for being involved in an alleged long-term plot to manipulate stock prices. One of the indictments concerns a stock manipulation ring allegedly headed by Possino–a former Los Angeles County deputy district attorney. According to officials, the Possino indictment alleges that members of the conspiracy made at least $18 million in illegal proceeds from selling shares of manipulated companies. The arrests were made on Wednesday after two grand jury indictments were unsealed. Read more here
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