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SEC defendant Chartier receives 10 years in jail

2022-12-02 20:19 ET - Street Wire

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

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by Mike Caswell

A New York judge has imposed a 10-year jail term on Jeffrey Chartier, a California man associated with a boiler room that defrauded seniors and others of $15-million. (All figures are in U.S. dollars.) Prosecutors claimed that he and others boosted a handful of thinly traded stocks, running "strong-arm fraudulent promotional campaigns" touting the companies. Much of the scheme centred around Intelligent Content Enterprises Inc., a former Canadian Securities Exchange listing from Toronto.

Mr. Chartier received his sentence in an appearance on Thursday, Dec. 1, before Judge Joanna Seybert in New York. In addition to the 10-year jail term, she ordered Mr. Chartier to serve two years of supervised release. He is also subject to a $6.08-million restitution order.

The 10-year term is mostly a victory for prosecutors, who had asked the judge to put Mr. Chartier in jail for 15 years. Ahead of sentencing, they said that he 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, they said.

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