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by Mike Caswell
California prosecutors have asked for a 27-month jail term for Oliver Lindsay, a Vancouver man awaiting sentencing for a 2018 pump-and-dump. They claim that he was one of those behind a scheme to boost a supposed medical device listing with manipulative trades, misleading tout sheets and a phone room. The scheme generated $1.4-million in gains, the government says. (All figures are in U.S. dollars.)
The request from prosecutors comes as part of a case that arose from the "classic pump-and-dump" of Kelvin Medical Corp., which was listed on the OTC Markets. According to the government, Mr. Lindsay helped boost the stock to $1.70, while he and a co-defendant unloaded shares. There was no trial for Mr. Lindsay, as he pleaded guilty to one count of conspiracy on Aug. 1, 2019.
With Mr. Lindsay's sentencing date approaching, prosecutors have set out what they see as an appropriate jail term. In a memorandum filed on Thursday, May 5, they are seeking the 27 months in prison, plus a three-year period of supervised release. The proposed term reflects the number of victims, the loss inflicted on investors and Mr. Lindsay's subsequent acceptance of responsibility (by pleading guilty).
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