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by Mike Caswell
It appears that Gannon Giguiere, a California stock tout charged for a pump-and-dump scheme that included three Canadians, will have to give up any hope of having his 2007 Ferrari F12 Berlinetta returned to him. Prosecutors in San Diego have asked a judge to approve a sale of the car, which they claim represents the proceeds of crime. They seized the vehicle after they charged Mr. Giguiere, operator of a touting website called TheMoneyStreet.
The request from prosecutors comes as part of a case in which they claimed that Mr. Giguiere was part of a $10-million scheme. (All figures are in U.S. dollars.) The government said that he published misleading tout sheets in support of the pump-and-dumps of three companies, Kelvin Medical Inc., Arias Intel Corp. and Eco Science Solutions Inc. Other accused include Vancouver's Kuldeep Sidhu and Toronto's Andrew Hackett. Also charged is Oliver Lindsay, a Canadian who had been living in the Cayman Islands.
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