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SEC defendant Sripetch facing two-year sentence

2022-07-21 20:35 ET - Street Wire

Also Street Wire (U-ARGW) Argus Worldwide Inc
Also Street Wire (U-VRSYF) VMS Rehab Systems Inc

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by Mike Caswell

Prosecutors in California have requested a two-year jail term for Ongkaruck Sripetch, the Washington State stock tout known as "King Richards." The government says that Mr. Sripetch was part of a scheme in which he and three Canadians boosted stocks partly through a website he controlled, called Stockpalooza.com. As the men were touting the companies, they were secretly dumping hundreds of thousands of shares, the government claims.

The proposed two-year jail term for Mr. Sripetch comes about five months after he pleaded guilty to a charge of offering and selling unregistered securities, which carries a maximum jail term of five years. Also pleading guilty was Ontario lawyer Ashmit Patel, who prosecutors accused of manipulative trading in support of the fraud. Still wanted for the scheme is an Ottawa man, Michael Wexler, who was the president of one of the companies the men touted, VMS Rehab Systems Inc. The final defendant is Andrew McAlpine, a Canadian who was living in the Cayman Islands. He previously pleaded guilty, and awaits sentencing along with the others.

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