This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Michael Randles, a Canadian charged in the Moneyline Brokers pump-and-dump scheme, has pleaded not guilty. He entered the plea in an appearance on Friday, June 24, before Virginia District Court Judge Anthony Trenga, and requested a trial by jury. The judge granted the request and set his trial date for Nov. 7, 2016.

The plea comes about three weeks after Mr. Randles, 48, arrived in U.S. custody to face the Moneyline charges. FBI agents collected him from Costa Rica on June 2, 2016, and transported him to Virginia to await trial. Despite the fact that Mr. Randles is not a U.S. citizen, the judge granted him pretrial release, albeit with many conditions. Mr. Randles entered a $500,000 unsecured appearance bond, surrendered his passport and agreed not to leave the Washington, D.C., area. (All figures are in U.S. dollars.) The release conditions include GPS monitoring.

The charges against Mr. Randles stem from his time as a manager at Moneyline Brokers, a Costa Rican firm that carried out pump-and-dumps on the U.S. markets in 2009 and 2010. The firm aided promotional campaigns and anonymously sold shares through several U.S. brokerages on behalf of others, according to the government. The stocks in the scheme included Everock Inc., a subpenny mining stock that was once domiciled in Ontario, and Bryn Resources Inc., a Toronto company that claimed to be exploring for gold in Nova Scotia.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS