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SEC defendant Chartier facing 15 years in prison

2022-08-26 20:49 ET - Street Wire

Also Street Wire (U-ICEIF) Intelligent Content Enterprises Inc

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by Mike Caswell

New York prosecutors have asked a judge to impose a 15-year jail term on Jeffrey Chartier, a California man associated with a boiler room that defrauded seniors and others of at least $15-million. (All figures are in U.S. dollars.) The government says that Mr. Chartier pursued a "selfish and destructive plan to make himself rich." He used investor money to buy luxury items, such as a recreational vehicle with a TV and a fireplace, prosecutors claim.

Mr. Chartier was one of several individuals convicted for a boiler room operation that touted four stocks, including Intelligent Content Enterprises Inc., a former Canadian Securities Exchange listing from Toronto. The boiler room used what the government called "strong-arm fraudulent promotional campaigns" to boost the companies, which later became essentially worthless. A jury convicted Mr. Chartier and others after a 17-day trial in March, 2020.

With Mr. Chartier's sentencing date approaching, prosecutors have set out what they see as an appropriate jail term. In a letter to the judge dated Thursday, Aug. 25, they are seeking 15 years, plus a $6-million restitution order. Mr. Chartier's actions resulted in victims, many in their seventies or older, losing their life savings, prosecutors say. "Rather than spending their golden years enjoying the fruits of a lifetime's labor and sacrifice, these hardworking and trusting Americans have had to start from scratch, living in poverty or utter dependence on others," the letter reads.

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