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by Mike Caswell

A Boston judge has imposed a one-year sentence on South Carolina resident Drew Ciccarelli for the pump-and-dump of Rarus Technologies Inc., the supposed developer of a social media advertising platform. Prosecutors claimed that he helped others, including an unnamed B.C. resident, boost Rarus and other stocks over a six-year period. As part of the scheme, Mr. Ciccarelli moved $4-million in promotional payments from hidden insiders, collecting a $500,000 fee for his efforts, prosecutors said.

Mr. Ciccarelli's sentence is contained in a judgment entered on Tuesday, June 25, in federal court in Massachusetts. In addition to the one-year jail term, the judge has imposed two years of supervised release, during which Mr. Ciccarelli must regularly report to a probation officer. He also must undergo regular drug testing, participate in a substance abuse program and participate in a mental health program. There was no trial for Mr. Ciccarelli, as he previously pleaded guilty to a charge of conspiracy to commit securities fraud.

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