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by Mike Caswell
William Hirschy, a Florida man charged in New York for a planned pump-and-dump that included trading by an as-yet-unnamed Canadian broker, has avoided jail for the scheme. A judge has sentenced Mr. Hirschy, 46, to five years of probation and has imposed a $1.2-million restitution order. (All figures are in U.S. dollars.) The sentence is the lightest handed down for the scheme, with two other defendants receiving jail terms of 15 and 17 months.
Prosecutors claimed that Mr. Hirschy and others planned to manipulate HD View 360 Inc., an OTC Markets listing that was purportedly in the business of providing surveillance systems. According to the government, the scheme included trades by a Canadian broker, who placed buy orders that moved the stock up (in one instance with a buy at 73 cents when the stock had last been at 35 cents). The men also intended to boost the stock through payoffs to brokers.
Mr. Hirschy's sentence is contained in a judgment handed down on Monday, Aug. 21, in federal court in New York. During his five years of probation, he must pay 15 per cent of his monthly income or $400 per month (whichever is greater) toward his restitution. The probation order will also include standard terms such as a prohibition on possessing firearms and an order against having any contact with the victims of the scheme (which the government lists as being 1,226 shareholders).
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