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by Mike Caswell
A New York judge has imposed a five-year jail term on Lawrence Isen, a banned broker convicted for a boiler room operation that defrauded seniors and others of $15-million. (All figures are in U.S. dollars.) Prosecutors said that Mr. Isen was part of a group that boosted four stocks, including Canadian Securities Exchange listing Intelligent Content Enterprises Inc., through a cold-calling operation that ran over a four-year period. Mr. Isen "routinely and relentlessly" lied to investors for personal financial gain, prosecutors claimed.
Mr. Isen received his sentence in an appearance on Jan. 6, 2022, before New York Judge Joanna Seybert. In addition to the five years in jail, the judge ordered Mr. Isen to pay $8-million in restitution. Upon his release, he must serve two years of supervised release. The judge gave Mr. Isen until Sept. 8, 2023, to report to the Bureau of Prisons to begin his sentence.
The five-year jail term is hardly a victory for prosecutors, who had asked the judge to put Mr. Isen in jail for 20 years. In a letter filed on April 12, 2022, they described him as an experienced stock market fraudster who had once worked as a broker. His career, as set out by the government, was cut short in 1993 after the U.S. Securities and Exchange Commission banned him for receiving undisclosed payments in return for selling shares. He was later convicted of criminal charges arising from those payments.
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