San Diego – The grimy details of a financial betrayal played out in federal court as securities attorney Andrew Coldicutt was sentenced to 85 months in prison for orchestrating two pump-and-dump stock fraud schemes.
In a verdict that echoed the call for justice, U.S. District Judge Jinsook Ohta also ordered Coldicutt to fork over $42,970 in forfeiture and a $100,000 fine, marking the end of a saga that saw Coldicutt’s exploitation of legal processes for personal gain exposed.
Coldicutt’s conviction by a federal jury in March followed a trial that showcased his fraudulent activities, which began in 2017. With an assist from undercover FBI agents and sources, Coldicutt prepared and filed false securities registration statements for a non-existent backyard fruit harvesting company, leading up to a fictional IPO. His lies about the company’s business plans and ownership were nothing short of criminal.
In the second scheme, the year 2019 saw Coldicutt presenting an equally fraudulent stock fraud plan to raise funds quickly for one of his corporate clients. His false attorney opinion letter was intended to facilitate another pump-and-dump scam, but again, a broker-dealer stepped in to thwart his plans and prevent any harm to investors.
“Attorneys are expected to uphold the law, not exploit it,” U.S. Attorney Adam Gordon declared. “Today’s sentence holds the defendant accountable for abusing that trust.” The FBI echoed this sentiment, emphasizing their commitment to justice and the erosion of community trust when professionals like Coldicutt misuse their positions.
Coldicutt’s case number is 22cr1881, and his age is 44, hailing from San Diego, California. His charges included Securities Fraud (Title 15, U.S.C., Sec. 77q), False Securities Registration Statements (Title 15, U.S.C., Sec. 77g), and Wire Fraud (Title 18, U.S.C., Sec. 1343). The FBI conducted the investigation.
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Key Facts
- State: California
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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