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SEC defendant Ciccarelli faces $500,000 (U.S.) payout

2021-10-15 20:55 ET - Street Wire

Also Street Wire (U-RARS) Rarus Technologies Inc

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by Mike Caswell

Prosecutors in Boston have asked a judge for a $500,000 forfeiture order against Drew Ciccarelli, the only person charged for the pump-and-dump of Rarus Technologies Inc., a supposed developer of a social media advertising platform. (All figures are in U.S. dollars.) The government claimed that Mr. Ciccarelli helped an unnamed B.C. resident and another man run stock market schemes with Rarus and other companies over a six-year period. The government has never said exactly how much money the pump-and-dumps generated, but it did say that the men transferred $4.6-million through offshore accounts.

The proposed forfeiture order is contained in a motion that prosecutors filed in federal court in Massachusetts on Friday, Oct. 15. The motion simply asks that the judge order Mr. Ciccarelli to forfeit $500,000, representing the money that he realized from the scheme. Prosecutors have not provided any details, and they may not be expecting Mr. Ciccarelli to contest the matter. He previously pleaded guilty to a charge of conspiracy to commit securities fraud, and agreed that he realized $500,000 from the scheme.

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