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by Mike Caswell

David Gordon and Richard Clark, the two Oklahoma men convicted in a $41.8-million pump-and-dump case that includes former Canadian broker Dean Sheptycki, are unfairly facing potential life sentences, their lawyers say. (All figures are in U.S. dollars.) Prosecutors have recommended that the men receive 30-year and 255-year jail terms. For Mr. Gordon, who is 48, and Mr. Clark, who is 62, the sentences would amount to life in jail, or close to it.

On April 30, 2010, an Oklahoma jury convicted the pair on charges stemming from the fraudulent promotion of four pink sheets companies. The jury found that they paid for misleading faxes and e-mails, then dumped millions of shares. The judge sent the men to jail to await sentencing, which is scheduled for Aug. 25, 2010. Now, with the sentencing date approaching, lawyers for the two men have filed presentencing memorandums, in which they plea for leniency.

Mr. Clark, who is facing a possible 255-year jail term, points out that if he were to receive such a sentence it would exceed the 150-year term that Bernie Madoff is serving. He argues that such a term is "draconian" given the nature of his crime. The government has not proven several required sentencing factors, including investor losses of over $20-million, his memorandum claims. He says he should receive up to six months, which he could do as home confinement.

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