CEO Marc Schessel’s Pump & No Dump Scheme

CEO Marc Schessel’s Pump & No Dump Scheme

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The recently indicted 62 year old Greenwich CT resident Marc Schessel is the former CEO of SCWorx, Inc., headquartered in New Jersey. Schessel spent “ten years in the United States Marine Corps—where he was awarded the Naval Achievement medal along with the Naval Commendation medal for creating the first automated supply and logistics software which was ultimately put in service at corporations like Sears and IBM,” as stated by Schessel’s attorney in a class action shareholder suit against Schessel and SC Worx. According to the Plaintiff’s attorney in said case, Schessel “has a checkered past, including pleading guilty to felony tax evasion charges, is a convicted rapist and ran another business accused of defrauding its investors and customers.”

According to the Justice Department, Schessel inflated the stock price of SCWorx by almost 500% after he allegedly issued false press releases stating that SCWorx entered into a $676 million contract with a Chinese company to supply 2 million rapid COVID tests per week. A few days after the press release it was reported in the financial media that the supplier of the COVID tests was bogus and could not deliver the tests. The stock of SCWorx tanked. Trading in SCWorx had to be suspended. Schessel issued a retraction of the news report.

In the typical pump and dump scheme the Wall Street criminal pumps up the price of a company’s stock with false news reports and cashes in when the stock peaks by selling his shares. Eventually the stock crashes after the market figures out that the news reports were bogus. In Schessel’s scheme Schessel didn’t cash in when the price of SCWorx peaked, but investors in SCWorx stock collectively lost $116 million when it crashed. Schessel’s main defense in the shareholder derivative suit was that he made no money by pumping up the price of the stock.

Schessel was released on a $150K unsecured bond and ordered not to contact any individuals at SCWorx who could possibly be called as witnesses in the Government’s case. As a condition of his release Schessel was ordered that he could not be an officer or director of any publicly traded company. Schessel had to step down as CEO of SCWorx. Yet the Government allowed Schessel to be hired as a highly paid consultant for SCWorx by the new CEO Tim Hannibal. Schessel filed a motion to modify the conditions of his bond to allow him to speak with a number of other former officers and attorneys of SCWorx. Schessel’s attorneys argued: “The condition requested by the Government is currently preventing Mr. Schessel from associating with his colleagues and business associates in any meaningful way, jeopardizing the viability of a publicly traded company and the jobs of its 30 employees, and denying Mr. Schessel the means to earn a living as he awaits the opportunity to exonerate himself.” The Justice Department objected to Schessel’s motion: “unlike other fraud cases in which defendants are precluded from operating in the same industry as the alleged fraud, the no contact provision in this case is quite permissive. It allows the defendant to continue working with SCWorx, the vehicle he used to perpetrate the alleged $116 million fraud scheme. The defendant’s no contact condition merely ensures that he cannot tamper with potential Government witnesses. It should continue to apply in this case.” Schessel’s motion was denied by Judge Esther Salas of New Jersey Federal Court.

Schessel is presumed innocent until proven guilty by a jury of his peers. This case has many paradoxes. Why did Schessel pump up the stock when he had nothing to gain? Why is the Government allowing Schessel to continue to work as a consultant at the very company he nearly ran into the ground, as alleged by the Government? Why can I not find one picture of Marc Schessel on the internet? Inquiring minds want to know!

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If you are contemplating committing a Federal crime, STOP, take a time out, think about what you are about to do, its not worth it! I should know, I spent 18 long months in Otisville prison, after pleading guilty to conspiracy to commit mortgage fraud as a closing attorney. The time spent in prison is only half the punishment, waiting for years to be sentenced and incarcerated takes a huge toll on your mental health, not to mention the repercussions after you get out of prison, the problems you will face finding employment and complying with the conditions of Probation. You will never appreciate your freedom until it is taken away from you. God Bless America!

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