In a major sting operation by a joint task force involving the Securities and Exchange Commission’s South Florida Regional Office, the U.S. Attorney’s Office in Miami and the FBI, an alleged scheme involving several penny stock promoters and several CEOs of microchip companies has been exposed, with fraud charges filed against the principals.

Eric I. Bustillo, regional director of the SEC, in an interview, said that FBI agents busted the alleged racket by posing variously as a corrupt broker, a corrupt pension fund manager and a corrupt business associate of the pension fund trustee. 

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