- Associated Press - Friday, December 18, 2015

TACOMA, Wash. (AP) - Federal prosecutors say a 21-year-old man has been sentenced in U.S. District Court in Tacoma to over four years in prison for a penny stock fraud scheme.

The Justice Department said in a news release Friday that Tovy Pustovit, formerly of Vancouver and currently living in Gladstone, Oregon, was the fifth and final defendant to be sentenced in the pump-and-dump schemes.

According to his plea agreement, Pustovit participated in a 2012 scheme with several others to manipulate the stock of ISM International, Inc.

Prosecutors say he was not originally charged in that stock manipulation scheme but was charged later after investigators found more information about his participation and continued scheming to manipulate penny stocks.

Pustovit as part of the plea agreement will forfeit about $266,000 in illicit profits.



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