The efforts sent Kentucky USA Scheme soaring from a low of $.60 per share to a high of $3.97 per share, a more than 660 percent increase. Raven Gold shares rose over 280 percent, from a low of $.61 to a high of $1.73 per share.
Earlier this week, New York attorney Adam Gottbetter was sentenced for his role in the Kentucky USA Energy scheme.
Taxon and Cohen face up to five years in prison and a fine of either $250,000 or twice the gain or loss from the offense when they are sentenced for the criminal counts on Sept. 2.
In its civil action, the SEC seeks disgorgement fees, undisclosed civil penalties, and an order permanently barring Taxon and Cohen from participating in the offering of penny stocks.