He Helped Holmdel Man in Penny Stock Fraud: Feds

Holmdel, NJ - A second man was indicted Monday for allegedly taking part in the same $13 million penny stock fraud that a Holmdel man confessed to earlier this month, according to the U.S. Attorney’s office.

Donald Toomer, 44, worked in conjunction with Samuel DelPresto, the Holmdel man who admitted on Dec. 15 he artificially inflated the price of four companies.

Working from Las Vegas, Toomer fed DelPresto unwitting clients, all who bought the pumped-up stock at a premium and then saw their shares plummet, federal prosecutors allege.

In order to get the stock price as high as possible, DelPresto and others paid cash kickbacks to Toomer to buy the stock, feds charge.

Toomer made hundreds of thousands of dollars in kickbacks under the scheme, according to a federal grand jury indictment.

He was indicted Monday on multiple counts of fraud. He faces the same punishment as DelPresto: Up to five years in jail and a $250,000 fine. According to DelPresto’s LinkedIn profile, he and his wife owned a line of yoga studios in the New York tri-state area.