Outsiders named in Texscan manipulation. (stock manipulation of Texscan Corp.; Thomas Payne and Mark Malefant)
Multichannel News, May, 1991
Outsiders Named In Texscan Manipulation NEW YORK - The owner of a financial public relations firm and an Arizona stock broker were indicted in a scheme to manipulate the stock of Texscan Corp. Thomas Payne, chairman of Payne Financial Group of Pompano Beach, Fla., and Mark Malenfant, a broker at Scottsdale, Ariz.-based Biltmore Equities and Securities, were charged in both a civil complaint filed by the Securities and Exchange Commission and a separate criminal complaint.
No Texscan officials were cited in the charges. Payne and Malenfant allegedly tried to persuade director and 35 percent-shareholder Talten Embry, a money manager, to participate, but Embry declined. Federal officials charge that Payne and Malenfant drove up the price of...
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