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Wednesday, September 6, 2006

Dover man charged in stock scheme


Massachusetts Secretary of State William F. Galvin today charged a Dover man with illegally promoting stocks at the same time he was selling them, known as a "pump and dump'' arrangement.

In a civil complaint Galvin's office seeks to recover proceeds it estimated at more than $4.5 million from Geoffrey Eiten and his companies. The complaint charges Eiten offered investment advice through newsletters, emails and websites, but also was hired by companies as an investor relations consultant, and subscribers weren't told of his conflicts of interest.

-- Ross Kerber

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