Sebastian River Holdings files RICO suit against E*Trade Financial

Posted on December 6, 2007 by Thomas Walker

The Dow Jones Newswire reported on December 5, 2007 that Sebastian River Holding's Inc. (SBRV) filed a lawsuit against E*Trade Financial Corp. alleging collusion by E*Trade employees to manipulate Sebastian's stock price.

The Sebastian, Fla., financial holding company said E*Trade illegally froze shareholders' accounts, preventing them from buying or selling shares or withdrawing cash.

Sebastian River is suing under the civil section of the Racketeer Influenced and Corrupt Organizations Act and seeking actual and punitive damages for loss of market value and loss of business opportunity.

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