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SEC defendant Gentile clear of criminal charges

2017-05-04 10:34 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 accused of manipulating Vancouver OTC Bulletin Board listing Raven Gold Corp., is entirely free of criminal charges. New Jersey prosecutors have dropped their appeal of an order that dismissed the case. They did not provide any reasons, although the matter is at least somewhat embarrassing for them. The trial judge had dismissed the case because they took too long to charge Mr. Gentile.

The decision means that Mr. Gentile will not have a criminal trial on charges that stemmed from the manipulations of Raven Gold and another company, Kentucky USA Energy Corp. Prosecutors claimed that Mr. Gentile, 40, helped prepare misleading tout sheets that boosted Raven Gold to $1.73 in 2007. (All figures are in U.S. dollars.) He and others then sold millions of shares, with the scheme allegedly generating $15-million in illegal proceeds.

The appeal, if it had gone ahead, would have focused on a district court judge's decision to dismiss the case without a trial. The judge dropped the case on Jan. 31, 2017, finding that prosecutors took too long to pursue Mr. Gentile. The alleged crimes ended in June, 2008, which meant that prosecutors had five years, or until June, 2013, to indict Mr. Gentile. They did not file the indictment until March 23, 2016, almost three years past the deadline.

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