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SEC target Bandfield pleads not guilty to Belize scheme

2014-10-14 12:50 ET - Street Wire

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by Mike Caswell

Bob Bandfield, one of the men indicted last month for a $500-million scheme to facilitate the manipulation of U.S. stocks from Belize, has pleaded not guilty. (All figures are in U.S. dollars.) He entered the plea in an appearance Friday morning before Judge Leo Glasser in New York. The judge ordered him detained.

Prosecutors claim that Mr. Bandfield and five others, including two Canadians, set up an offshore system that aided in many market manipulations. Their system allowed insiders of U.S. companies to hide substantial share positions, according to the government. The scheme had more than 100 corrupt clients, who were able to secretly buy and sell public companies and launder the proceeds, prosecutors say. The charges arose after the men explained the details of their operation to an undercover FBI agent.

Jim Can
CBC
Jim Can

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