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SEC target Gentile protests indictment

2016-07-18 10:48 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-KYUS) Kentucky USA Energy Inc
Also Street Wire (U-RVNG) Raven Gold Corp

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by Mike Caswell

Guy Gentile, the New York man awaiting trial on charges stemming from the manipulation of Vancouver OTC Bulletin Board listing Raven Gold Corp., has asked that the judge throw the case out. He claims that he had an agreement with prosecutors in which they would not charge him in return for his co-operation. He says that he helped expose several stock frauds, including the massive offshore money laundering operation run by Bob Bandfield. Despite his efforts, prosecutors reneged on their agreement and indicted him, he complains.

The request from Mr. Gentile comes three months after prosecutors in New Jersey filed a criminal indictment against him. The government claimed that he participated in a fraudulent scheme in 2007 that generated $15-million in illegal proceeds. (All figures are in U.S. dollars.) He helped arrange tout sheets and sold millions of Raven Gold shares as the stock went to a $1.73 high, the government said.

Mr. Gentile, however, says that the indictment represents a broken promise on the part of the government. In a motion filed on Thursday, July 14, he says that prosecutors and FBI agents told him many times that he would never go to jail. Over a period of three years, they treated him like an undercover agent while he helped expose many frauds. Among the cases that he claims to have aided was that of New York shell lawyer Adam Gottbetter, who received 18 months in jail for fraud. Mr. Gentile says he also helped with the prosecution of Toronto residents Mike Taxon and Itamar Cohen for a related scheme. (Both pleaded guilty to fraud charges in New Jersey, and await sentencing.)

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