SEC target Adam pleads guilty
2015-07-15 20:38 ET - Street Wire
Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-HBPE) HBP Energy Corp
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by Mike Caswell
Mitchell Adam, the Vancouver man arrested in the United States for planning the manipulation of a pink sheets listing, has pleaded guilty to conspiracy to commit securities and mail fraud. Prosecutors in New Jersey claimed that he and others set up an elaborate pump-and-dump of a purported oil company, HBP Energy Corp. The plan fell apart after an associate began co-operating with authorities. Mr. Adam, 47, entered the guilty plea in an appearance before U.S. District Court Judge Jose Linares on Tuesday, July 14.
The plea comes nearly two months after authorities arrested Mr. Adam at the George Bush Intercontinental Airport on sealed criminal charges. Prosecutors alleged that he and others, including fellow Canadian Kenneth David Stevenson, planned to manipulate HBP with a series of wash trades and cold-calls. There is no indication what Mr. Adam's sentence could be, but Mr. Stevenson previously pleaded guilty to the same charge and received one year of probation.
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Cleaning up the dudes who ruined it for the better companies. 75% of these juniors can go.
Posted by shoes at 2015-07-16 06:46
Wonder if he rolled on anybody.
Posted by Russel Wilson at 2015-07-16 09:54
If you are a small criminal you get caught. If you are a big fish, you own the system and you not only avoid punishment, you profit from your crime. Of all the deceit and theft leading up to the subprime crisis, no one has gone to jail for those crimes that wrecked far more harm on a global society than that of Mr. Adam. Not saying what he did is justified. I just think the foxes are in charge of the chicken coups and they need an occasional example to make it look like they care. So either you work hard to become a member of the big fish society or you stay small and honest and stay poor, no matter how good your work is. Increasingly that seems to be the direction of America. Sorry to be so cynical but that is the way I see it.
Posted by Jay Taylor at 2015-07-16 10:02
If you are a small criminal you get caught. If you are a big fish, you own the system and you not only avoid punishment, you profit from your crime. Of all the deceit and theft leading up to the subprime crisis, no one has gone to jail for those crimes that wrecked far more harm on a global society than that of Mr. Adam. Not saying what he did is justified. I just think the foxes are in charge of the chicken coups and they need an occasional example to make it look like they care. So either you work hard to become a member of the big fish society or you stay small and honest and stay poor, no matter how good your work is. Increasingly that seems to be the direction of America. Sorry to be so cynical but that is the way I see it.
Posted by Jay Taylor at 2015-07-16 10:03
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