San Diego, CA – Andrew Hackett, a 32-year-old Toronto native, has been found guilty of participating in a pump-and-dump securities scheme surrounding Arias Intel Corp stock.
A federal jury convicted Hackett of securities fraud and conspiracy to commit securities fraud, charges that carry a maximum penalty of 20 years in prison.
According to evidence presented at trial, Hackett’s scheme involved manipulating the market for Arias Intel’s stock by controlling the majority of the company’s free-trading shares through concealed offshore and other nominee accounts.
Hackett and his co-conspirators also engaged in manipulative trading to create the appearance that Arias Intel stock traded at higher prices and with greater volume than was actually the case.
The FBI investigated the case through a combination of forensic analysis and sophisticated covert techniques, including the use of an undercover agent and an informant.
Hackett’s co-conspirators, Kuldeep Sidhu of Vancouver, Annetta Budhu of New York, and Kevin Gillespie of Tampa, Florida, all pleaded guilty in connection with the scheme.
The case highlights the importance of aggressively investigating and prosecuting securities fraud cases, which can have a devastating impact on innocent investors.
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Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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