Sheila Pell 12:31 p.m., July 1
Another offshore penny stock scam
John Rizzo pleads guilty on iTrackr caper
John Rizzo, chief executive of iTrackr Systems, admitted yesterday (Aug. 1) that he defrauded investors in the Florida company. He peddled penny stock in the company through offshore boiler rooms. investors didn't know that only 20% of the money would go to iTrackr and the rest would go to the boiler room telemarketers. Rizzo utilized his shell company in the British Virgin Islands and the company's bank account in Belize, according to court records.