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Stock Lawyer Gets 18 Months for Manipulation Scheme
A New York corporate and securities lawyer, Adam S. Gottbetter, 46, of New York and Boca Raton, Florida, was sentenced to 18 months in prison for orchestrating a stock market manipulation scheme.
Gottbetter, the managing partner of Gottbetter & Partners LLC, a New York-based securities and corporate law firm, pleaded guilty on Sept. 3, 2014, to conspiracy to commit securities and mail fraud.
The scheme involved manipulating the price and trading volume of two publicly traded companies: Dynastar Holdings Inc. (DYNA), a social media company headquartered in Louisville, Kentucky, and HBP Energy Corp. (HBPE), a developmental stage company based in Houston, Texas.
Between June 2012 and November 2013, Gottbetter directed a scheme to create the false appearance of market interest in, and to artificially inflate the value of, both securities.
Gottbetter conspired with others to manipulate the price and volume of these securities to make the companies more attractive to potential investors in various private offerings that Gottbetter would broker and which would generate substantial fees and other illicit gains to Gottbetter, his law firm, and his broker-dealer.
Two other men, Kenneth David Stevenson, 55, and Mitchell G. Adam, 47, both of Vancouver, Canada, have also been charged for their roles in the scheme.
Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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