Pump-and-Dump Scheme Charged Against Issuer, Former CEO, Offshore Facilitators and Two Promoters; Partially Settled

Alleged $78 million fraud principally orchestrated by former CEO, Whittle, involving manipulation of defendant company/issuer Jammin’ Java’s stock after he secretly gained control of millions of shares in a reverse merger. The scheme was allegedly furthered by the use of offshore entities controlled by a number of the other defendants, and by the Hunter brothers who fraudulently promoted the stock. Jammin’ Java agreed to pay $700,000 to settle, and defendants Whittle and Wheatley agreed to pay over $2 million apiece. The case was still pending against defendants Weaver, Sun, Berlinger, Miller and Al-barwani at the time of this writing/summary.