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SEC defendant Fishoff receives 2-1/2 years in jail

2018-11-05 20:17 ET - Street Wire

Also Street Wire (C-AEZ) AEterna Zentaris Inc (2)
Also Street Wire (C-SLR) Solitario Exploration & Royalty Corp

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by Mike Caswell

Steven Fishoff, a California man who pleaded guilty to charges stemming from an insider trading scheme that included two Canadian listings, has received 2-1/2 years in jail. New Jersey Judge Michael Shipp imposed the sentence in a court appearance on Monday, Nov. 5. The judge also ordered Mr. Fishoff to serve three years of supervised release.

The sentence comes as part of a case in which prosecutors cited Mr. Fishoff, 61, for a short-selling scheme that included a pair of Toronto Stock Exchange companies. The government said that he and others made $3.9-million through the "systematic theft" of confidential information from investment banks. (All figures are in U.S. dollars.) Posing as managers of large investment funds, the men were able to receive advance information on secondary offerings, which can depress a stock's price.

In addition to spending 2-1/2 years in jail, Mr. Fishoff will forfeit the contents of three bank and brokerage accounts that the government previously froze. The forfeiture includes an account at Union Bank that holds $1.6-million. He also must pay a $50,000 fine. On top of that, he could still face penalties from the U.S. Securities and Exchange Commission, which is pursuing him in a parallel civil proceeding.

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