Thanks to Gary Weiss' blog for bringing this one to my attention.Beverlee Kamerling, 63, and her son, Nicholas Alexander, 22, have been indicted on 21 counts related to a large securities fraud scheme.
The pair, along with six others, allegedly took control of 6 companies (including America Asia Energy, Coattec Industries Inc., Detex Security Systems Inc. and Global Gaming Network Inc.), issued false and misleading press releases about the companies and engaged in fax blasts to promote the shares.
Of course, while all this happened they were also, allegedly, selling unregistered securities.
Real creative, mama and baby. That's only been done about 11 million times.
I've always wondered why more women don't seem to get involved in securities fraud -- it's possible that it's just a reflection of the fact that Wall Street is still mainly male-dominated. Or perhaps, women are just more honest.
In any case, we can chalk this one up as a victory for equal opportunity securities fraud. And it is heartwarming to see mother and child bonding over the bilking of penny-stock players.
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