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SEC target Georgiou loses appeal

2015-01-23 12:16 ET - Street Wire

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by Mike Caswell

Former Toronto broker George Georgiou has lost an appeal of his conviction for fraud in the United States. Disclosure issues surrounding a witness's cocaine and mental health problems were not sufficient to change the verdict, the appeal court has ruled. The court has also upheld the 25-year jail term that Mr. Georgiou, 45, is serving.

The ruling comes over four years after a Pennsylvania jury convicted Mr. Georgiou for running an international stock fraud ring from 2004 to 2008. Prosecutors claimed that his activities caused $55.8-million in investor losses. (All figures are in U.S. dollars.) Among other things he manipulated four pink sheets listings and caused the demise of a Bahamian brokerage, Caledonia Corporate Management Group.

Mr. Georgiou's appeal centred around the testimony of the government's key witness, a man named Kevin Waltzer. Prosecutors charged Mr. Waltzer in 2008 for a separate insurance fraud scheme. After his arrest, Mr. Waltzer told FBI agents that had had helped Mr. Georgiou manipulate a number of stocks, in one instance boosting a company to $6.

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