San Diego attorney Andrew Coldicutt is facing serious charges after being indicted for securities fraud in connection with a pump-and-dump scheme. According to the indictment, Coldicutt worked with other individuals to prepare and execute the scheme from 2017 through 2019.
Coldicutt, 42, allegedly created a sham company and a business model that supposedly focused on backyard fruit harvesting. He also prepared and filed registration statements with the SEC for an initial public offering of the company’s stock, which contained false and misleading information.
The indictment states that Coldicutt thought he was working with a shady hedge fund, but in reality, he was working with undercover FBI agents and sources gathering evidence against him.
“Corporate lawyers and other gatekeepers in the securities industry occupy a position of trust and confidence,” said U.S. Attorney Randy Grossman. “This investigation and indictment signal the United States’ commitment to protecting the integrity of the stock market, and the innocent investors who are victimized by penny stock fraud schemes.”
Coldicutt is charged with securities fraud, false securities registration statements, wire fraud, and criminal forfeiture. If convicted, he faces a maximum penalty of 20 years in prison and a fine of not more than the greater of twice the amount of gain or loss associated with the offense or $250,000.
“Attorney Coldicutt occupied a position of trust. He allegedly betrayed that trust when he chose to ignore the laws and ethical rules of conduct he swore to uphold by attempting to commit stock fraud,” said Stacey Moy, Special Agent in Charge of the FBI’s San Diego Division. “These types of pump-and-dump schemes hurt not only local investors, but investors across the United States. The FBI will continue to protect the integrity of the stock market and investors impacted by fraud schemes such as this.”
The United States acknowledges the assistance and cooperation of the Securities and Exchange Commission.
Defendant Information:
Defendant: Andrew Coldicutt
Age: 42
City and State: San Diego, California
Charges:
Securities Fraud (Title 15, U.S.C., Sec. 77q, 77x)
False Securities Registration Statements (Title 15, U.S.C., Sec. 77g, 77x)
Wire Fraud (Title 18, U.S.C., Sec. 1343)
Criminal Forfeiture (Title 18, U.S.C., Sec. 981(a)(1)(C) and Title 28, U.S.C., Sec. 2461(c))
Date: August 26, 2022
Sentence/Outcome: Currently pending
Fine: Up to $250,000
Key Facts
- State: California
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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