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by Mike Caswell

George Georgiou, the Toronto broker jailed in the United States on criminal fraud charges, has lost his fourth attempt at receiving a new trial. In a decision handed down on Dec. 12, 2011, Pennsylvania Judge Robert Kelly has rejected Mr. Georgiou's contention that his trial was unfair, finding that there was "staggering evidence" to support his conviction. Mr. Georgiou had argued that the government hid key witness Kevin Waltzer's mental health issues and his pattern of drug and alcohol abuse.

Judge Kelly, however, found that there was nothing to indicate the result of the trial would have been any different had Mr. Waltzer's mental health and drug problems been fully explored. The jury heard plenty of evidence that corroborated Mr. Waltzer's testimony about a four-year market manipulation. Moreover, there was nothing to indicate Mr. Waltzer was abusing drugs during the trial.

Mr. Georgiou has tried many times to attack the credibility of Mr. Waltzer, who testified that he had helped Mr. Georgiou manipulate four pink sheets companies between 2004 and 2008. His testimony helped convict Mr. Georgiou on charges of conspiracy, securities fraud and wire fraud, for which Judge Kelly handed him a 25-year sentence.

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