- Associated Press - Wednesday, May 20, 2015

TACOMA, Wash. (AP) - Federal prosecutors say a 20-year-old man has pleaded guilty in federal court in Tacoma to securities fraud for pump-and-dump schemes involving half a dozen stocks.

The Seattle Times reports (https://is.gd/FRH7W5 ) that Tovy Pustovit of Vancouver, Wash., faces up to 20 years in prison when he’s sentenced though prosecutors agreed to recommend no more than 63 months. Pustovit also will turn over more than $260,000 in illicit profits.

According to his plea agreement, Pustovit continued manipulating penny stocks even after a federal judge ordered him last summer to stop.

The Securities and Exchange Commission sued Pustovit and three other men last summer in a case involving alleged manipulation of two marijuana-related stocks.

An attorney for Pustovit could not immediately be reached for comment.

___

Information from: The Seattle Times, https://www.seattletimes.com

LOAD COMMENTS ()

 

Click to Read More

Click to Hide