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by Mike Caswell

Frank Zangara, one of the defendants in the Moneyline Brokers pump-and-dump case, has received two years in jail. Virginia Judge Anthony Trenga handed down the sentence in a 20-minute appearance on the morning of Friday, April 8. In addition to the jail term, the judge ordered Mr. Zangara to serve two years of supervised release. The judge also entered a $486,363 forfeiture order. (All figures are in U.S. dollars.)

The government claimed that Mr. Zangara was a substantial participant in the manipulation of Everock Inc., a subpenny listing once domiciled in Ontario. He and others dumped 382 million shares during a paid promotional campaign, inflicting $3.3-million in losses on investors. His co-defendants include Michael Randles, a Canadian who prosecutors claim aided the pump-and-dump of Everock and other companies. (Mr. Randles remains wanted in the U.S., with the government listing his last known location as Costa Rica.)

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Frank Zangara

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