From: The Street Sweeper
1/24/2011 9:21:06 AM
Stephen Durland, a former Florida-based accountant, has been
slapped with felony charges for allegedly fleecing investors through
a $30 million pump-and-dump scheme, The
Palm Beach Post reported.
According to government authorities, the newspaper said, Durland and
codefendant Jasper Knabb allegedly pocketed millions by secretly
manipulating shares of Pegasus Wireless several years ago. The U.S.
Securities and Exchange Commission filed civil charges against both
men in 2009, the newspaper said, and federal prosecutors followed up
by filing criminal charges against the pair last week over the same
suspected scam. Durland has been charged with three different crimes,
the newspaper explained, including conspiracy, securities fraud and
falsifying records. If convicted, the newspaper said, he could face
up to 25 years in prison and $5 million in fines as punishment for
his crimes. Meanwhile, the newspaper added, a third suspect linked to
the alleged pump-and-dump scheme – Florida attorney Donald Mintmire
– has already been sentenced to 21 months in prison for obstructing
justice in a similar stock-manipulation case
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