1) Owned his owner stock brokerage firm
2) Listed shell companies on the I.P.O.market under friends names.
3) Friend sell shares for say $4 to broker firm
4) They then had sell those shares to rich clients
5) Target price of say $12 offload what is left
6) Client tries to sell....hard sell them not to. Don't want the price to crash too quickly and have the SEC sniffing around.
7)Prop up the price for a couple of months..then let it collapse blaming it on the "market."
8) Next one.
Often making $5m - $15m+ per I.P.O. listing
Clever but silly to think he could go so big and for so long without getting caught out. That is dumb. Still he was a sohpistiacted "thief."
wouldn't work today before you try to copy it....:-(