This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Prosecutors in Oklahoma are seeking a 10-year jail term for Joshua Lankford, a defendant in a $44-million pump-and-dump scheme who fled the U.S. and had to be extradited from Costa Rica. (All figures are in U.S. dollars.) He played a "critical role" in a scheme that defrauded at least 11,500 investors, the government says. Moreover, he had been manipulating stocks for years before he was caught, according to prosecutors.

The charges against Mr. Lankford stem from a scheme in which he and others allegedly promoted three pink sheets companies with spam and manipulative trades. His co-defendants include former Canadian broker Dean Sheptycki, who sent out mass faxes as part of the scheme, prosecutors claim. The stocks the men touted included National Storm Management Inc., a pink sheets listing they held out as a storm reconstruction outfit in the wake of hurricane Katrina.

In seeking a 10-year sentence for Mr. Lankford, prosecutors are asking that the judge consider the amount of time he spent as a fugitive, and the resources that were required to return him to the U.S. Before he could be arrested, Mr. Lankford had fled to Costa Rica, leaving behind his young family. While there, he assumed the identity of a local citizen and used other false names, part of a "desperate attempt to avoid extradition," states a May 1 sentencing memorandum.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS