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by Mike Caswell
California prosecutors have requested a 27-month jail term for Gannon Giguiere, a California stock tout charged alongside Vancouver's Oliver Lindsay for a $1.4-million OTC Markets scheme. (All figures are in U.S. dollars.) They say that he was part of a "classic pump-and-dump" that met with considerable success. He and others were able to boost a supposed medical device company through a touting website he owned and through manipulative trades, the government says.
The request from prosecutors comes as part of a case in which they cited Mr. Giguiere, operator of a touting website called TheMoneyStreet, for the promotion of a company called Kelvin Medical Inc. The government claimed that he and Mr. Lindsay boosted the stock to $1.70 while he unloaded improperly issued shares. There was no trial for Mr. Giguiere, as he pleaded guilty on July 19, 2019.
The proposed sentence is contained in a memorandum filed on May 5, 2022, in federal court in California. In addition to the 27-month jail term, prosecutors are seeking forfeiture of assets, restitution and a $10,000 fine. They are also asking for three years of supervised release.
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