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SEC defendant Hackett's legal troubles growing

2019-09-06 10:35 ET - Street Wire

Also Street Wire (U-ASNT) Arias Intel Corp
Also Street Wire (U-KVMD) Kelvin Medical Inc

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by Mike Caswell

The accusations against Andrew Hackett, a Toronto man accused of a 2017 pump-and-dump on the U.S. markets, may just be the start of what prosecutors in California are alleging against him. The government has asked the judge for permission to introduce additional evidence of Mr. Hackett's participation in many other "deals." Prosecutors say that they have secured the co-operation of a boiler room operator, who will testify that Mr. Hackett hired him to tout nine other stocks, while offering a commission of 35 per cent.

The allegations come as part of a case in which prosecutors previously claimed that Mr. Hackett and a Vancouver man, Kuldeep Sidhu, planned to manipulate a company called Arias Intel Corp. Mr. Hackett attempted to set up what he thought was a deal in which a group of corrupt brokers would buy the stock in return for a 30-per-cent kickback, the government said. Unbeknownst to Mr. Hackett, the person arranging the plan with the brokers was co-operating with the FBI. Mr. Hackett denies any wrongdoing and awaits trial.

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