Medifirst Solutions CEO Arrested for Securities Fraud

By February 27, 2021 Investment Fraud

Bruce Schoengood, Chief Executive Officer of Medifirst Solutions, Inc., was recently charged with securities fraud in connection with an investment fraud scheme, as detailed in a recent Department of Justice news release.

Schoengood is accused of generating hundreds of thousands of dollars in profits for himself and others, while defrauding victims who invested in and/or sold Medifirst Solutions stock. He allegedly received kickbacks from a broker and also concealed the role that paid promoters played in the scheme.

According to the criminal complaint:

“[B}etween May 2016 and January 2019, Schoengood, together with others, engaged in a scheme to defraud MFST investors by manipulating the volume of MFST stock and concealing the sale of that stock by others.  Specifically, Schoengood entered into sham consulting agreements with a co-conspirator (Co-Conspirator 1) so that Co-Conspirator 1 would appear to be working for MFST.  Schoengood then transferred MFST stock to Co-Conspirator 1 and made false statements in public filings and related filings to enable the shares to be deposited and sold by Co-Conspirator 1, so that Co-Conspirator 1 and an investment relations firm could participate in the undisclosed promotion of MFST stock.  Schoengood also issued stock to co-conspirators so that they could sell their shares into the artificially created volume by Co-Conspirator 1 and the investment relations firm, then “kickback” portions of the proceeds to Schoengood.”

If you believe that you may have suffered financial losses due to the misconduct of a financial professional, we may be able to help. Our lawyers will review your investments, analyze your specific situation, and provide you with our opinion as to whether or not you may have a viable claim, free of charge. Please contact us to discuss your potential claim.