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by Mike Caswell

Erik Matz, a New York man who pleaded guilty to charges arising from a $14.6-million market manipulation scheme that ran until 2017, has avoided jail. (All figures are in U.S. dollars.) Prosecutors claimed that Mr. Matz was one of those behind a boiler room operation that boosted a handful of stocks, including a now-defunct Canadian Securities Exchange listing. The group called seniors and others, pushing them to buy millions of shares, with the tactics including making threats and flooding potential investors with calls.

Mr. Matz's sentence is contained in a judgment handed down on May 20, 2024, by New York Judge Joanna Seybert. The judge ordered Mr. Matz to serve one year of house arrest, to be enforced by electronic monitoring. Mr. Matz must also serve three years of supervised release, during which he will be subject to drug testing and must regularly report to a probation officer. Lastly, the judge imposed a $15-million restitution order on Mr. Matz.

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