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by Mike Caswell

Jeffrey Chartier and Lawrence Isen, two men convicted of criminal charges in New York for a boiler room scheme that defrauded seniors and others of $15-million, have lost their appeal. (All figures are in U.S. dollars.) Prosecutors said that the men were part of a group that boosted four stocks, including Canadian Securities Exchange listing Intelligent Content Enterprises Inc., through a cold-calling operation that ran over a four-year period. As victims lost large sums, Mr. Chartier used investor money to buy luxury items, such as a recreational vehicle with a TV and a fireplace, prosecutors claimed.

The loss for the men is contained in a summary order handed down on Thursday, Aug. 1, by the U.S. Court of Appeals for the Second Circuit. Three judges have affirmed convictions against the men for charges of securities fraud and conspiracy to commit securities fraud. While the judges agreed that there was an error with the calculation of Mr. Isen's sentence, they have found that the mistake did not affect the length of his jail term.

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