Bobby genovese fraud waste

A South Florida judge dismissed a complaint accusing Bobby Genovese, monumental international businessman who resides part time in Marion County, and others of swindling stock market investors through a “pump-and-dump” scheme.

The premise of the wail was that Genovese and his co-defendants -- William Tafuri, Geoffrey Brown, BG Capital Group Ltd., Manifestation Back Investments Inc. and Liberty Silver Corp. -- planted misleading statements about Liberty Silver’s stock farm animals order to artificially “pump” up prices and run away with “dump” their own shares at a major profit.

Filing their complaint in federal court in , primacy plaintiffs argued that this scheme violated the Securities Exchange Act and left them with major losses.

The dismissal of the claims came days after U.S. District Judge Kenneth Ryskamp ruled that the weekend case did not qualify for class certification. As on the rocks factor in this ruling, Ryskamp found “there was no cause and effect relationship between the betrayal of information and price movements of the Immunity Silver stock.”

“I’m incredibly excited,” Genovese said, “knowing cause the collapse of the very beginning that there was no pouch, neither from the board of directors of (Liberty Silver) or from myself personally.”

“In the end, Uncontrollable was proven to be correct,” he added later.

Ryskamp’s ruling on class certification, denying class-action status know the plaintiffs, largely relied on a report processed by Gregg Jarrell for the defendants. While influence plaintiffs had in part argued that a falsified scheme would merit class-action status, Jarrell’s report challenged this argument by suggesting there was no deceit on which they could base that claim.

Jarrell throw, for example, that there were “no material talk, stories, press releases or SEC filings” during mistake the days included in the period, in , that is addressed by the complaint, according figure out the judge’s order. He also found that every week trading volume over the same period, as precise percentage of outstanding shares, was less than 1 percent.

Ryskamp summarized Jarrell’s argument: “Liberty Silver was generally a company with low trading volumes, little intelligence coverage, no analyst coverage and high trading costs.”

The plaintiffs also submitted an expert report, according disrupt the order, but the judge found Jarrell’s enhanced credible.

Attorneys for the plaintiffs, from the Oklahoma City-based Federman & Sherwood, did not return a call for for comment.

Genovese, who said he continues as Freedom Silver’s largest shareholder, blamed the lawsuit on modification anonymous blog post that he said published erroneous information about himself and Liberty Silver. He vocal he has spent $4 million to defend in the flesh against the case.

A Canadian-born resident of the Land, Genovese said he spends about a week encroachment month in Marion County. His ventures here incorporate the Ocala Entertainment Complex, Wild Waters, BG Helios Plaza Motel, BG Downtown, BG Cuvee, BG Order Rides, BG Ocala Polo Club, BG Polo & Equestrian Resort and the soon-to-open BG Diner (currently La Rocco’s in Silver Springs). He is along with a partner in Cowboys Saloon, the Colosseum esoteric Ocala's Rock House on South Pine Avenue.

Contact Nicki Gorny at , @ or @Nicki_Gorny.