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by Mike Caswell
Ontario's Dino Paolucci, who operated multiple touting sites, has received seven years in a U.S. jail for his part in multiple pump-and-dump schemes. Prosecutors said that he arranged for e-mail and radio campaigns to boost four companies on the OTC Markets and OTC Bulletin Board. He and others realized millions of dollars in gains, with one of the pump-and-dumps generating $12-million, according to the government. (All figures are in U.S. dollars.)
Mr. Paolucci, 42, received his sentence in an appearance on Tuesday, Dec. 10, before Pennsylvania Judge Eduardo Robreno. In addition to the seven-year jail term, the judge ordered Mr. Paolucci to forfeit $2-million. There was no trial in the case, as Mr. Paolucci previously pleaded guilty.
The sentence is the product of some sort of plea negotiations, the details of which are unclear. All of the materials leading up to Mr. Paolucci's sentencing are not part of the public court file. Also hidden from the public is his plea agreement. These documents would usually set out the jail term that prosecutors sought and would set out any co-operation that Mr. Paolucci provided.
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