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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.

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Don Bauder Aug. 5, 2013 @ 11:07 a.m.

SEC ENTERS PICTURE: The Securities and Exchange Commission (SEC) today (Aug. 5) filed civil charges against Rizzo for using offshore boiler rooms in an attempt to evade U.S. securities laws. This is a parallel action to the one filed Friday by the U.S. Attorney's office in San Diego. Best, Don Bauder

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