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by Mike Caswell
McArthur Jean, one of those jailed in the United States for a boiler room that touted former Canadian Securities Exchange listing Intelligent Content Enterprises Inc., has won early release on COVID-19 grounds. Mr. Jean, 38, has convinced a judge that a skin condition constitutes an "extraordinary and compelling" reason to allow him out of prison. The judge made the ruling despite prosecutors pointing out that many fraudsters who are older and in worse health remain incarcerated.
The ruling, handed down on Tuesday, April 6, in New York, comes with Mr. Jean having served about half of his four-year sentence for a $147-million market manipulation scheme. (All figures are in U.S. dollars.) Prosecutors cited him and 14 others for the manipulation of five stocks, with Toronto's Intelligent Content Enterprises prominently among them. The group cold-called seniors and others, persuading them to buy millions of shares. Mr. Jean admitted to his part in the scheme, pleading guilty to a charge of conspiracy to commit securities fraud on Aug. 22, 2018. He had been scheduled for release from prison on April 1, 2023.
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