SEC charges Jammin Java former CEO for pump-and-dump scheme (updated)

Jammin Java

17/11/2015 22:44

(Adds Marley Coffee spokesman's response) 
    Nov 17 (Reuters) - The U.S. Securities and Exchange 
Commission charged Jammin Java former CEO in connection with a 
$78 million pump-and-dump scheme involving the stock of the 
company that operates as Marley Coffee and uses trademarks of 
reggae legend Bob Marley. 
    The SEC said Jammin Java's former Chief Executive Shane 
Whittle, who gained control of millions of Jammin Java shares 
through a reverse merger, orchestrated the scheme with three 
others who operate entities offshore. (http://1.usa.gov/1kCVQND) 
  
    Whittle spread the stock to the offshore entities controlled 
by Wayne Weaver of the UK and Canada, Michael Sun of India, and 
René Berlinger of Switzerland, the commission said. 
    "The shares were later dumped on the unsuspecting public 
after the stock price soared following fraudulent promotional 
campaigns," the SEC said. 
    A Marley Coffee spokesman declined to comment but said the 
company would issue a statement shortly. 
    The SEC has filed the complaint in the U.S. District Court 
for the Central District of California.  
 
 (Reporting by Subrat Patnaik in Bengaluru; Editing by Don 
Sebastian) 
 ((subrat.patnaik@thomsonreuters.com; within U.S. +1 646 223 
8780, outside U.S. +91 80 6749 8052; Reuters Messaging: 
subrat.patnaik.thomsonreuters.com@reuters.net)) 
 
Keywords: JAMMIN JAVA SEC/