First Choice Healthcare Solutions, Inc. (FCHS) Executives Accused of Stock Fraud

According to the complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between April 1, 2014 and November 14, 2018, First Choice Healthcare Solutions, Inc. (FCHS) failed to disclose that its Chairman and CEO, Christian Romandetti, and his co-conspirators were committing securities fraud with First Choice stock. Beginning around September 2013, First Choice executives implemented a large-scale promotional campaign to fraudulently inflate the market price and trading value of First Choice shares. In November 2018, the U. S. Department of Justice announced a criminal indictment and the U.S. Securities and Exchange Commission filed a civil action against Romandetti and his co-conspirators. On this news, First Choice’s stock plummeted almost 65% to close at $0.35 per share on November 15, 2018. The stock price has yet to recover.