Wednesday, July 30, 2014

DURLAND - Ex-Florida Accountant Accused of $30 Million Investment Scam

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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